After years of false starts, mobile wallets are finally gaining traction in the global marketplace. Offers have become the de facto “killer app” for mobile wallets, driving their increased consumer acceptance and usage.
Mobile Apps give consumers digital access to their payment cards, cash balances, coupons and rewards via smartphones and other devices. Using smartphones, smartwatches or tablets, online and offline shoppers are increasingly using mobile wallets to take advantage of personalized offers.
The CardLinx Association is a non-profit trade group with members in 17 countries and on four continents (www.cardlinx.org). Members include Microsoft, Rakuten, Samsung, UBS and RBC to name a few. CardLinx recently evaluated mobile wallets worldwide based on four key factors:
1. Innovation. Features all parties care about most, including relevance, targeting, privacy and results.
2. Engagement. Consumer ease-of-use and experience.
3. Longevity. The length of time the solution has been in market.
4. Scale. The number of consumers, merchants, FIs and card issuers impacted.
Read on to find out what these category leaders did to make the list.
THE TOP 10 MOBILE WALLETS:
With more than 400 million users around the globe, the Alipay mobile payment platform powers millions of transactions per day. Owned by online merchant Alibaba and an affiliate of fintech provider Ant Financial, Alipay supports Visa, Mastercard, Japan’s JCB and Singapore’s Diners Club cards—and enables card-linked offers and push notifications based on buyer behavior.
2. WeChat Pay
This mobile payment application is integrated into the WeChat messaging and social media platform used by more than 1 billion people in China and beyond. Using WeChat Pay, merchants can develop personalized business strategies, customize card-linked offers, and provide easy access to coupons and rewards that drive sales and loyalty.
3. Apple Pay
Apple Pay is a mobile payment and digital wallet service that lets consumers make secure purchases in stores, in apps and on the web using iPhones and other Apple devices. Users can also send and receive money from friends and family, as well as take advantage of 3% cash-back offers linked to Apple Pay and Apple Card. These cash back offers are available for many US merchants including Duane Reade and Walgreens.
4. Samsung Pay
Samsung Pay is a mobile wallet service that lets users make payments using compatible phones and other Samsung-produced devices. Accepted at millions of places, Samsung Pay works in-store, in-app and online, allowing shoppers to load payment, loyalty, membership and rewards cards onto their devices and check out with a tap.
5. Google Pay
Google Pay is a mobile wallet and online payment system that powers in-app, web and tap-to-pay purchases. For NFC and in-app this is on Android phones, tablets and watches. For web, GPay works across all major browsers and operating systems. Google Pay lets users pay in stores via NFC using cards authenticated and saved to their devices and in addition it also supports the cards saved to your Google Account for web purchases. It is easy to send money, store tickets and boarding passes using Google Pay.
More than 19 million online stores accept PayPal, which lets consumers send, request and collect money from family and friends; easily check out online; and pay with debit/credit/prepaid cards or digital credit line. By linking credit cards to PayPal, users collect rewards every time they use the mobile wallet.
M-pesa is a banking service that enables international transfer of funds via mobile device. With 4 million customers, 800 employees and 150+ countries served, M-pesa gives people the ability to quickly, cost-effectively and securely send money needed for healthcare, education and living expenses across borders.
This free mobile wallet lets people pay friends and family who also have Venmo accounts using money in Venmo, in their bank account, or via a debit or prepaid card. (There’s a 3% fee if a credit card is used.) Users can also apply for the Venmo Mastercard debit card which automatically earns rewards each time it’s used.
9. Amazon Pay
Amazon Pay optimizes web and mobile checkout with an experience customers know and trust. Leveraging Amazon.com consumer information, Amazon Pay streamlines the payment process at third-party (non-Amazon) sites. Shoppers access debit/credit cards and address information from their Amazon account to conveniently pay.
Masterpass is a password-free digital wallet by Mastercard. The online checkout option gives consumers a faster, more consistent check-out experience across ecommerce sites by storing all payment/shipping information in one location. Shoppers pay with any participating credit or debit card—not just Mastercard—and benefit from linked rewards, coupons and cash-back programs.
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