Big tech companies, payments providers, and retailers are already offering mobile wallets — which enable these types of payments — and competing for share of the growing market.
But an uptick in volume combined with intense competition is shifting the goal for wallet providers, which are offering services across mobile payment types in order to become users’ primary wallet for as many mobile-originated transactions as possible. Eight core providers — Apple, Google, Samsung, Starbucks, Venmo, Zelle, Square Cash, and Amazon — have emerged at the forefront of this arena.
This surge in wallet usage has implications for providers beyond wallets in the payments value chain, as issuers, processors, and terminal vendors will also need to adapt. If they don’t, they’ll risk not only missing out on a massive potential source of volume, but also losing clients or hindering merchant relationships — making the stakes higher than ever.
Read the full article on Business Insider.