UK consumers want m-wallets provided by banks rather than non-traditional providers

18.4% of consumers expect to acquire m-wallets from banks

UK consumers want to acquire m-wallets from banks rather than non-traditional m-wallet providers, according to a new report (view press release). Research from the Auriemma Consulting Group’s (ACG) Mobile Payment Report (MPR); found that 18.4% of consumers expect to acquire m-wallets from banks such as American Express and Barclays, and 11.6% of consumers would acquire m-wallets from digital/mobile payment providers such as PayPal, Skrill and Neteller. Of those surveyed 9.5% would acquire an m-wallet from mobile providers such as o2 or Vodafone and 5.1% would look to external providers such as Google, Apple and Facebook.

The report suggests that banks will have to consider their preferred path moving forward in this space, as the m-wallet is poised to gain strong momentum and usage. Banks have the option of either investing in the development of proprietary m-wallets, or partnering with existing m-wallet providers to serve as a funding mechanism for the wallet. On the other hand, non-traditional providers will need to prove their experience within the financial services space, or partner with existing payment providers.

The key to the success of the mobile wallet is to deliver a product that serves a clear purpose and delivers on a consumer need,” said Matt Simester, MD at ACG. “In addition, banks will need to find ways to monetise the mobile wallet, to ensure it becomes financially viable in the long-term.”

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