IT Briefcase: Making Mobile Wallets Safer

October 13, 2015 — Making Mobile Wallets Safer

Consulting firm Chadwick Martin Bailey found in a recent survey that 15 percent of U.S. consumers have used a mobile wallet in the past six months, up from nine percent in the same period in 2013. The numbers may seem small at first glance, but do the math: that’s a 66 percent increase in usage in just two years. In terms of awareness of mobile wallets, the percentage jump is even higher. Their Mobile Wallet in 2015 and Beyond report found that 18 percent of consumers are “very familiar” with mobile wallets, compared to eight percent in 2013.

This growing adoption and awareness creates new revenue opportunities and customer loyalty for organizations willing to throw their hat into the ring. Those who do so have two different types of mobile payments to chose from. The first type works through contactless technologies such as Near Field Communication (NFC) built into mobile phones. In the case of contactless technologies, the payment traverses the merchant’s POS system and the relevant payment-processing environment, not relying on the mobile carrier’s network.

To see the full article at IT Briefcase, click here.