Estimated reading time: 1 minute, 40 seconds

powerfulApple, Google, Sprint, Western Union, Visa: electronic wallets continue to attract investments from many of the world's largest and best-known companies.

Earlier installments of "The Payoff" pointed to the energy Mastercard and other companies are putting into digital payments. Apple, Sprint, and Visa recently upped their bets in this area: Apple unveiled its "Passbook" for management of ticket and loyalty-card portfolios, Sprint is rumored to be launching a digital wallet called "Touch", andVisa pushed its "V.me" service to a beta release in co-ordination with online retailer Buy.com. Google, meanwhile, continues to pour money into Google Wallet; along with other experiments around the world, the company acquired mobile payments technology company TxVia this spring. TxVia has already accumulated 100 million accounts in its five years of operation.

Apple's approach is interesting. While the company has the engineering and financial clout to dominate whatever it attempts, it has moved relatively cautiously into digital wallets. As with many of Apple's offerings, Passbook emphasizes consumer convenience. Although it hasn't been officially released yet, it appears that Passbook opensautomatically when the bearer enters a participating physical store, such as a grocery, cinema, or airline terminal. As important as security, reliability, and familiarity are, everyone from Neilsen surveys to MarketWatch reviewers seems to agree: convenience is paramount, at least for the US market. In this perspective, digital payment represents a real opportunity for physical stores to take back some of the ground lost in the last few years to on-line shopping.

Another sign of how hot this area is: conferences like Social Mobile Payments: Americas are already sprouting up to digest the action. As the CARTES trade show, which has selected "mobile payment" for its 2012 theme, puts it, "the e-wallet Big-Bang is under way." Over the next couple of weeks, "The Payoff" will look at a few of the interesting technical details of several different specific payment applications already in use around the world.

Last modified on Monday, 10 September 2012
Read 428 times
Rate this item
(0 votes)

Visit other PMG Sites:

Template Settings

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Text Color

Header

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline