US Merchant Mobile Wallets Market Study 2016: Cracking the Code to Motivate U.S. Consumers to Adopt Mobile Wallets - Research and Markets
11 Aug, 2016, 13:10 BST
DUBLIN, August 11, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Merchant Mobile Wallets: Mobile Payments in Action" report to their offering.
Merchants are showing the way to capture the U.S. consumers' attention in use of mobile wallets, and the financial institutions facilitating the effort will be able to demonstrate continued value to their merchant clients according to this research report, Merchant Mobile Wallets: Mobile Payments in Action.
Adoption of universal mobile payment methodologies such as Apple Pay and Samsung Pay continues to lag in the United States compared to developed economies in Europe and Asia. Technology companies involved in the production and distribution of mobile devices (Apple, Samsung) have assumed the mantle of lead advocate, while many major banks and mobility network providers assist in a support role.
Modifying existing electronic payment methods to be mobile and reside on the near ubiquitous smartphone device, now estimated to be used by between 80% and 85% of U.S. mobile subscribers, has been an important effort in retail payments for some time. The migration of noncash payment to the mobile device will eventually be widespread, but at present it proceeds at a pace reflective of technology device upgrade.
However, several players in the merchant sector have recognized and exploited opportunity to reshape payment processes and methods to their own benefit and as a marketing tool. This shift represents an opportunity for merchants and financial institutions alike, according to this research.
This research report defines single-merchant and merchant-aggregator mobile wallets, profiles examples of each, and explains how these two wallet categories differ from universal mobile wallets. Coverage includes the strengths and weaknesses of the two merchant wallet styles and the characteristics of merchants that would most benefit from each style.
"The technology that is prerequisite for the use of Apple Pay, Android Pay, and Samsung Pay is not held by a majority of Americans on their current smartphone devices. This creates an opportunity for merchants and their partners to create and refine business-specific payment solutions that generate richer customer engagement interactions and consumer rewards.
Merchants and their partners have a chance to demonstrate added value and provide incentives for customers to adopt merchant mobile payment apps that leverage mobile technology already in their hands,", the Senior Analyst, Emerging Technology Advisory Service and author of the report.
Highlights of the research note include:
- The objective of the merchant mobile wallet
- How the two types of merchant mobile wallets-single-merchant and merchant-aggregator-function, with profiles of examples of each type
- Merits of merchant mobile wallets versus merits of universal wallets
- Near-term opportunities for merchant mobile wallets
- Estimates of merchant mobile wallet spend in the United States
Key Topics Covered:
1. Executive Summary
2. Introduction: The Objective of the Merchant Mobile Wallet
3. Mobile Payments in the United States
4. How Merchant Mobile Wallets Function
- Single-Merchant Wallets
- Merchant-Aggregator Wallets
5. Choosing the Right Merchant Wallet Type to Suit the Business
- In-House Prepaid
- Third-Party White Label
- Merchant-Defined Wallets
- Merchant-Aggregator Wallets
6. The Merits of Single-Merchant vs. Universal Wallets
- Advantages of Universal Wallets
- Advantages of Single-Merchant Wallets
7. The Near-Term Potential of Single-Merchant Wallets
- Technological Innovation
- Customer Service
8. Conclusions
- Endnotes
Companies Mentioned
- Cumberland Farms
- Dunkin Donuts
- LevelUp
- Starbucks
- Target
- Walmart
- Zipline
For more information visit http://www.researchandmarkets.com/research/9dkk9l/merchant_mobile
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SOURCE Research and Markets