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Tour de Mobile Payments - The Mobile Wallet & Main Street
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How will mobile payments mesh best with Main Street?
It seems like it's gotten as complex and confusing as can be for retailers and even the mobile payment service providers themselves.
We'll provide a legend to map out all the pieces, as well as strategy and opinion. At Tour's end the future of mobile commerce may be a bit more clear.
By Randy Smith,
Mobile Wallet Media
September 12, 2012
About Mobile Wallet Media
Mobile Wallet Media is a news media, analyst, marketing and consulting firm focused on the future of mobile: payments, marketing, loyalty commerce, security, prepaid, virtual currency, daily deals and the convergence of them all with social and local. The Chief Editor, Randy Smith, was the primary founder, inventor and former CEO of MobilePayUSA, a TechCrunch Disrupt Startup Alley Winner.
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Mobile Wallet Media is a news media, analyst, marketing and consulting firm focused on the future of mobile: payments, commerce, daily deals, security, loyalty, marketing, prepaid cards, virtual currency and the convergence
A foundation was laid for this article with our feature 7-Week Series, just completed on September 10th, "The 7 S's Required for Success in Mobile Payments." If you have not read it, you've missed much.
Before we begin the tour, let's look back at the history of contemporary mobile payments and wallets that has brought us to this point.
In 2008, Mocapay debuted at ETA and showed us an early vision of what a Mobile Wallet might look like. Another company, Mobibucks, also debuted at ETA in 2008, showcasing a solution that looks exactly like PayPal's 'Mobile Phone + PIN' entry on terminal solution (I reached out to Mobibucks, but never heard back for comment about PayPal's solution).
In 2009, MFoundry built the foundation for what would power the Starbucks Card Mobile App.
In 2010, SquareUp turned our heads by turning our iphones into a credit card terminal. Also in 2010, TabbedOut launched by integrating directly to POS systems, thus enabling 'Pay at Table' transactions from the mobile phone without requiring a mobile POS device or to wait upon the server to pay and close out a tab. In the Summer of 2010, ISIS announced it was forming a carrier network. In the Fall of 2010, my former company, MobilePayUSA, followed by debuting at TechCrunch, giving us the first vision of what a 'Universal Mobile Wallet' might look like (Yes I'm a Homer). Paydiant and Cimbal showed us the way to turn a 2D bar code into a transaction ID and way to pay by scanning with a smartphone. And, Dwolla also launched reducing fees to 25 cents a transaction for merchants.
In January of 2011, Starbucks Card Mobile launched and by March had already provided a solid proof of concept for the Mobile Wallet. Corfire was developed and would become the platform of choice for Dunkin Donuts. Google Wallet utilized MasterCard's PayPass to launch it's Mobile Wallet in the Summer of 2011.
2012 saw Visa debut V.Me at ETA, but has yet to make a push as a Mobile Wallet. PayPal, though it debuted a Digital Wallet in the Fall of 2011 and has showed us two alternative ways to pay, but has yet to debut a Mobile Wallet in the USA. PayPal has however shown us a preview of their Mobile Wallet plans in the UK.
This past Summer, Levelup and Kuapay showed us how to sprint with flair and relevance. After a Spring announcement, MCX revealed it's identity as a Merchant Coalition Mobile Wallet. Dunkin Donuts also got into the race and is powered by Corfire. And Moneto just recently announced it's Mobile Wallet works with PayPass.
Will Apple's Passbook, teamed with the iphone5 (with NFC) and iO6 soon become a Mobile Wallet?
Social is the 'Gasoline' to drive forward mobile payments! Retailers are the 'Uranium' that power the 'Flux Capacitor.'
Mobile Wallets provide the Flux Capacitor > POS Technology.
The infographic below is from week 4 of "The 7 S's Required for Success in Mobile Payments" and provides a sound framework and a bit of vision towards how Mobile Wallets may work and succeed.
Understanding how Mobile Wallets work and who has made significant traction is the key to developing a framework for decision making of adoption by merchants and acquisition by major Mobile Wallet contenders. Replacing plastic and paper requires greater consumer and merchant convenience and ubiquity.
These early adopting, 'Mobile Retailers,' will be sure to be rewarded by gaining in depth understanding and data on how their mobile customers shop.
This Fall we will have out first 'Mobile Christmas.' The Mobile POS via tablets and phones have proven to increase order efficiency and sales as well as providing added convenience for customers and merchants. The Mobile POS will serve to enhance the fixed and fully integrated POS. New merchants may move to adopt a Pay with Square or like system that requires a much less costly investment.
'Carrier Billing' and 'Prepaid Platforms' may play a huge and significant role in mobile payments. The carriers already have established a relationship with consumers and can provide reach for merchants. The carriers may in effect become like banks or develop strong alliances with them.
Prepaid players have strong partnerships with both merchants and POS vendors and may provide the foundation for Mobile Deals and Offers that prove to provide a new form of currency and redirect the consumer purchasing pattern.
These companies may partner with leading Mobile Wallets to enable mobile payments and add value.
I could have added more here today, but check back often to travel the journey together.