Mobile Wallets Part 1 — My recipe for a dream Mobile Wallet

Free AI web copilot to create summaries, insights and extended knowledge, download it at here

2698

Abstract

Removes the need to register with new apps/websites i.e. allows me to automatically log in to these without an account sign up process but just using my Wallet credentials</li><li>3rd party merchants use my wallet data to capture delivery address etc.</li><li>Will allow me to send and receive money to other people seamlessly including face to face through mobile POS</li><li>Partner benefits — for select apps and sites I would like to have some sort of customization or special VIP treatment — “You’re a Google Pay customer with American Express? you get free delivery!”</li><li>Integrate with order ahead platforms and allow me to pay in the payment app for select high frequency categories that I define — I don’t want to have to go to 3rd party apps all the time — examples might be coffee chains, gas (petrol) stations, food delivery, car sharing apps, cinema tickets etc.</li></ul>Ingredients — Account and Card Management<ul><li>Will be integrated with my issuers and other financial services I use and act as a portal into my whole financial life so I don’t need a separate bank or other apps — ideally experience to be customized to the primary/active card issuer within the wallet e.g. if my Capital One card is the primary card then give me a Capital One specific experience</li><li>Will allow me to manage the cards across devices and 3rd party merchants — turn card off and on, block, change permissions and limits — no one tracks which websites and apps have their card information — I want to be able to see this in one place and manage it</li><li>Give me customized and curated partner promotions and incentives but please don’t spam me</li><li>Have really smart spend alerts that I can dial up or down depending on my personal preferences — one of the problems with frictionless payments is that it makes it really easy to overspend — who has not had spend regret?— we need some gentle brakes on spending so it’s not too frictionless, this is counter intuitive to an industry focussed on taking out payment friction</li><li>Allows me to store and access merchant loyalty cards</li><li>Acts as a repository for ticketing and transport cards</li></ul>What would your recipe be for a dream mobile wallet?Let me know what you think in the comments or you can also use <a href="http://www.linkedin.com/in/bensoppitt">Linkedin</a> or <a href="https://twitter.com/BenSoppitt">Twitter</a>Mobile Wallets Part 2 — Why we still need actual wallets<div id="455e" class="link-block"> <a href="https://readmedium.com/mobile-wallets-part-2-why-we-still-need-actual-wallets-dcb9bfe680c3">

Options

        <div>
          <div>
            <h2>Mobile Wallets Part 2 — why we still need actual wallets</h2>
            <div><h3>Mobile Wallets Part 2 — Why we still need actual wallets</h3></div>
            <div><p>medium.com</p></div>
          </div>
          <div>
            <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*TVf4nhQHV8uMyPXKQO0RbQ.jpeg)"></div>
          </div>
        </div>
      </a>
    </div><div id="51d4" class="link-block">
      <a href="https://readmedium.com/why-is-america-so-behind-the-rest-of-the-worlds-on-contactless-payments-9275a84749e1">
        <div>
          <div>
            <h2>Why is America so behind the rest of the worlds on contactless payments?</h2>
            <div><h3>So ubiquitous is contactless in Australia that when hapless visitors from the US visit there is inevitable confusion as…</h3></div>
            <div><p>medium.co</p></div>
          </div>
          <div>
            <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*67l6ditScgdsJyillKrtmA.jpeg)"></div>
          </div>
        </div>
      </a>
    </div><div id="c990" class="link-block">
      <a href="https://readmedium.com/could-foodtech-become-the-next-fintech-d5f2e9bf8bc4">
        <div>
          <div>
            <h2>Could Foodtech become the next Fintech?</h2>
            <div><h3>My Father worked his whole career in the Food industry, predominantly selling catering equipment to the quick service…</h3></div>
            <div><p>medium.com</p></div>
          </div>
          <div>
            <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*Er8padNvlMgTcW9pO33vNw.jpeg)"></div>
          </div>
        </div>
      </a>
    </div><div id="f841" class="link-block">
      <a href="https://readmedium.com/in-defense-of-corporate-innovation-labs-and-some-suggestions-for-improvement-2f4db232a735">
        <div>
          <div>
            <h2>In defense of Corporate Innovation Labs — and some suggestions for improvement</h2>
            <div><h3>It’s an old joke that only companies lacking in innovation have “innovation labs”. There is an element of truth in…</h3></div>
            <div><p>medium.com</p></div>
          </div>
          <div>
            <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*pHAMZ36RAmUNoYzgBLwr5A.jpeg)"></div>
          </div>
        </div>
      </a>
    </div></article></body>

Mobile Wallets Part 1 — My recipe for a dream Mobile Wallet

The mobile wallet of my dreams would first and foremost be a utility for me to pay quickly and easily (securely is assumed) both online and in-store. For payments I want to spend as little time and effort as possible to pay.

My dream mobile wallet would also have the ability to connect me via my phone, watch and other devices to my financial institutions and the places, both physical and digital, where I choose to spend my time and money. This would be optional and configurable by me, a service to be used, configured, adapted or ignored as I saw fit.

Many of these ingredients are present in one shape or another in almost all the mobile wallets out there. However, none have all of them, at least not yet.

Ingredients — Account and Card Provisioning

App pre-installed on my device, so I don’t have to download it

Easy to find app — able to navigate to from multiple origination points e.g. phone set up, website, payment button on merchant app

Easy to create a wallet account using any data already captured by the wallet owner or bank

Push provision of cards from my bank app/site

Instant digital issuance into the wallet when required e.g. if replacement card issued so there is no break in service or unnecessary manual intervention

Easy authentication of bank cards in-app (no phone calls to bank to verify)

Single account/card registration across all devices and channels (wearables, mobile, desktop, online, in-app, in-store — and including voice and other new channels e.g. biometrics as and when available)

Ingredients — Payment Experience

Replicate the card NFC tap and go experience — no need to turn device on, unlock or authenticate for small ticket items (less than $100) — this includes wearables — no need for a consent button (for more on card based NFC payments read this)

High reliability — near 100% attempt to success rate (e.g. high end credit cards expect to achieve minimum 98–99% success rate including legitimate reasons for decline)

Clear signage and informed cashiers where I spend

Reliable, consistent payment experience whenever I use it

Present on all my favorite apps and sites

Removes the need to register with new apps/websites i.e. allows me to automatically log in to these without an account sign up process but just using my Wallet credentials

3rd party merchants use my wallet data to capture delivery address etc.

Will allow me to send and receive money to other people seamlessly including face to face through mobile POS

Partner benefits — for select apps and sites I would like to have some sort of customization or special VIP treatment — “You’re a Google Pay customer with American Express? you get free delivery!”

Integrate with order ahead platforms and allow me to pay in the payment app for select high frequency categories that I define — I don’t want to have to go to 3rd party apps all the time — examples might be coffee chains, gas (petrol) stations, food delivery, car sharing apps, cinema tickets etc.

Ingredients — Account and Card Management

Will be integrated with my issuers and other financial services I use and act as a portal into my whole financial life so I don’t need a separate bank or other apps — ideally experience to be customized to the primary/active card issuer within the wallet e.g. if my Capital One card is the primary card then give me a Capital One specific experience

Will allow me to manage the cards across devices and 3rd party merchants — turn card off and on, block, change permissions and limits — no one tracks which websites and apps have their card information — I want to be able to see this in one place and manage it

Give me customized and curated partner promotions and incentives but please don’t spam me

Have really smart spend alerts that I can dial up or down depending on my personal preferences — one of the problems with frictionless payments is that it makes it really easy to overspend — who has not had spend regret?— we need some gentle brakes on spending so it’s not too frictionless, this is counter intuitive to an industry focussed on taking out payment friction

Allows me to store and access merchant loyalty cards

Acts as a repository for ticketing and transport cards

What would your recipe be for a dream mobile wallet?

Let me know what you think in the comments or you can also use Linkedin or Twitter

Mobile Wallets Part 2 — Why we still need actual wallets