NEW YORK, Jan. 8, 2014 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
US Mobile Wallet Market Insight
http://www.reportlinker.com/p01939376/US-Mobile-Wallet-Market-Insight.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Payment_Processing
From Payments to Marketing and Customer Relationship Management
A wide range of financial services are presently being offered through the mobile channel in the United States. These include mobile banking services, peer-to-peer remittance services, mobile shopping services, and price comparison services. This Frost & Sullivan's strategic insight presents an analysis of the key trends in the United States' mobile wallet market. This insight also provides a brief overview of other payment-related value-added-services (VAS) that can be offered through the mobile channel.
Introduction
Adoption of mobile banking and mobile payments continues to increase rapidly in the United States. Mobile wallets have emerged as an important technology to deliver comprehensive mobile payment services to consumers. This Frost & Sullivan insight presents an analysis of the US mobile wallet market. Specifically, this insight will cover the following topics:
• Defining mobile wallets—consumer functionality, benefits, types, and service features
• Value chain analysis—key industry participants, platform components, and technology architecture
• Strategic roadmap for mobile wallets—short-term and long-term opportunity for mobile wallets
• Focus on the revenue opportunity—couponing, loyalty programs, etc.
• Conclusions—the last word
Mobile wallets are part of the overall mobile financial services market. They fall under the category of "mobile payments" and are especially used for local and remote mobile payments.
Market Overview and Key Definitions
Mobile Wallets
A mobile wallet is an on-device mobile application that allows the consumer to use their phones for local and remote payment transactions. However, most mobile wallet applications are designed to be used for many other applications, including ticketing, couponing, payments, offers and marketing, and banking. According to the Mobey Forum, an industry association for financial institutions operating in mobile financial services, a mobile wallet is a functionality on a mobile device that can securely interact with digitized valuables (or digital assets). There are several non-application-based mobile mechanisms that can be used to provide mobile wallet services. For example, short messaging service (SMS) or Unstructured Supplementary Service Data (USSD) can be used to provide mobile wallet services (such as mobile payments). Therefore, by considering mobile wallets as a set of functionalities, all these non-application-based implementation types can and should be considered. A "digitized valuable" can include both financial and non-financial assets. Therefore, it is important to develop open mobile wallet implementations that will allow consumers to store and manage various types of digital assets (or credentials) on their mobile devices or using cloud computing.
Mobile Wallet Functionality and Benefits
Leveraging the benefits of a connected and converged mobile experience to bring in efficiency, transparency, and security to different types of payment methods is the main driving force behind present m-wallet initiatives. From a consumer perspective, it is important to deliver clear, tangible benefits with m-wallets that can differentiate mobile wallets from plastic cards-based payments.
Types of Mobile Wallets
Near Field Communications (NFC), as well as barcodes and quick response (QR) codes are the two main approaches used in the United States for local payments. Non-NFC-based implementations may have taken a small, early lead in the US mobile wallet markets. However, Isis—the NFC-based mobile wallet initiative that is backed by three out of four tier-I mobile operators in the United States—is expected to become a popular mobile wallet offering in the next three to five years. There are several ways in which mobile operators can help drive adoption of Isis. This includes providing marketing support and ensuring that NFC handsets are made available to consumers on attractive terms. Other "hybrid" types of implementations are also being evaluated, in order to combine the features of NFC and secure cloud computing to deliver innovative mobile payment services.
Table of Contents
Introduction 3
Market Overview and Key Definitions 4
Mobile Wallets 4
Mobile Wallet Functionality and Benefits 4
Types of Mobile Wallets 5
Consumer Choices and Implications 7
The Mobile Wallet Value Chain 7
Actual Payments Process—The Consumer Experience 10
Business Model for Mobile Wallet Platform Providers 11
Cloud-based Mobile Wallet Providers 11
Licensing, Regulation, and Standards 13
Strategic Roadmap for Mobile Wallets 14
Entities Offering Mobile Wallets 15
Key Success Factors for Mobile Wallet Providers 16
Market Forecasts 17
The Last Word 18
Legal Disclaimer 19
The Frost & Sullivan Story 20
To order this report: US Mobile Wallet Market Insight
http://www.reportlinker.com/p01939376/US-Mobile-Wallet-Market-Insight.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Payment_Processing
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