|[January 28, 2013]
LevelUp, PayPal and Square Take Early Lead in Mobile Wallet Marathon
CHARLOTTE, N.C. --(Business Wire)--
Carlisle & Gallagher Consulting Group (CG, www.carlisleandgallagher.com),
a management and technology consulting firm serving the financial
services industry, releases mobile wallet review. CG assessed a
representative group of 20 mobile wallets from various industries
including: financial services, tech titans, merchants and card
associations1. The mobile wallets were evaluated based on
depth of payment capabilities and ease of the overall consumer
experience. The 20 wallets also included various transaction
technologies, i.e., Near Field Communications (NFC), Quick Response (QR)
barcodes and cloud transactions.
According to a national
consumer survey conducted by CG in April 2012, "48 percent of U.S.
consumers are interested in using a mobile wallet."2
Mobile Wallet Front Runners:
LevelUp - Easy set-up, easy-to-use, ability to tie
rewards to payments, ability to attach a credit or debit card,
accepted at over 3,800 participating retailers.
PayPal (News - Alert) - Easy set-up, easy-to-use, ability to attach a
credit or debit card.
Square Wallet - Easy set-up, easy-to-use, ability to
attach a credit or debit card, accepted at over 200,000 businesses.
Starbucks - Easy set-up, easy-to-use, enhanced consumer
shopping experiece with rewards, downloads and eGifts.
"The new mobile wallet enabled by smart phones is more than just a
payment card - it will improve your entire shopping and transaction
experience," said Peter Olynick, CG's Card & Payments practice leader.
"Within the next 3-5 years, 50 percent of current smart phone users will
utilize their mobile wallet for typical, daily transactions."
Wallets that ranked high on CG's list met the following criteria:
1. Payment Capabilities: Each wallet was
examined for merchant acceptance, payment options (single vs. multiple
cards), transaction range including peer-to-peer (P2P), online, and
point of sale (POS) functionality, as well as the speed and simplicity
of checkout experience (i.e., purchase, receipt, returns).
2. Customer Experience: Each wallet was
evaluated for the ease of the initial set-up process, device
compatibility, application management, shopping enhancements and other
functionality intended to improve the overall shopping experience.
"CG does not believe there is just one technology that will win the
mobile wallet race. We believe the long term winning wallets will have
the ability to use multiple transaction technologies," added Olynick.
"Wallets that see the highest level of adoption will be those that
create an intuitive experience while mitigating consumer concerns about
privacy and identity theft."
To request a copy of CG's research report on Mobile Wallets available in
March, email firstname.lastname@example.org.
1Mobile Wallets evaluated in CG's study include:
Tech Titans - Apple Passbook, Google (News - Alert) Wallet, ISIS™, LevelUp,
Merchants - Amazon.com®, Dunkin' Donuts, Starbucks Coffee
Company, Target (News - Alert), Walmart
Card Associations - American Express, Discover, MasterCard
PayPass™, V.me by Visa
Financial Institutions - Five of the Top 10 U.S. Banks
2Mobile Wallet Reality Check: How Will You Stay Top of
Wallet Carlisle & Gallagher Consulting Group, Copyright July 2012. http://www.cgcginc.com/expertise/cg-insights
About Carlisle & Gallagher Consulting Group
Carlisle & Gallagher Consulting Group (CG) is a management and
technology consulting firm that delivers large-scale, complex technology
solutions for the world's leading financial services organizations. We
help our clients solve their most critical business and technology
problems. Headquartered in Charlotte, NC, CG is inspired to help our
stakeholders succeed - from clients to employees to the communities in
which we live and work. For more information, visit www.carlisleandgallagher.com.
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