It has been fascinating to watch the back and forth in recent weeks as competing systems for mobile payment have suddenly been grabbing headlines and jockeying for space in the public consciousness. The rollout of Apple Pay—the new mobile payment system from the Cupertino digital giant that launched Oct. 20th—appears to have brought what was previously a behind-the-scenes battle into the spotlight. With Google Wallet struggling to make inroads and the retailer-designed CurrentC system yet to be implemented, Apple Pay is off to a fast start—but will it last? Will any of these mobile wallet systems gain traction, or will they remain a novelty for a small subset of consumers? In this edition of Retail Rap, we examine the different e-wallets along with the pros and cons of each.
One of my biggest questions regarding mobile payment systems is not “who will win”, but whether or not there will even be winners and losers. Will the mobile payment landscape continue to be hotly contested, and how will that affect adoption? I see the conflict setting up between Apple Pay and CurrentC to be a possible hindrance to consumer acceptance. When you have those competing channels, that competition will slow adoption.
Join me in the latest installment of Retail Rap and share your thoughts on Digital Walleting.