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An article relating to this blog post on Finextra:

Google Wallet overhaul shifts emphasis away from NFC

Google has overhauled its mobile wallet service, opening it up to all Android devices running version 2.3 or higher and distancing it from its NFC-based origins.


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What is a Digital Wallet anyway?!?!

I've been reading a lot about “which way” people think the digital wallet is going to go.

I have a Samsung Galaxy S4 with EE.  My wallet has NFC through cash on tap.  I can order ahead and pay on the go, or check in to pay and will have BLE and Beacon through PayPal.  My wallet has mobile checkout and QR code "advert buying" through Pingit.  I can also pay friends or prompt them to pay me easily.

I can get most of my storecards and loyalty cards through the Stocard app (barcode based).  I can check my balances or move money, or bank through my payment apps or my bank (First Direct) and payment cards (Capital One & Amex).

I can shop and in "1-Click" have things delivered next day through Amazon Prime, or next day to my local Waitrose through John Lewis.  I can compare prices, research and review items and look for deals through my Barcode app and Quidco

I can research and book travel; holidays, hotels, flights, trains through Skyscanner, Expedia and First Great Western.  I can store e-Tickets.

I can order a taxi (geolocation) in London, Dublin, Toronto, Boston, Chicago, Madrid, New York, Barcelona (and growing with Tokyo and Osaka next) through my Hailo app.  I LOVE Hailo.  The user experience is phenomenal (try it if you haven’t).  You can even pay (store a card on account), choose a tip, and get an emailed receipt.

I can even go to the Zoo, or National Trust properties through Stocard (I still take the cards as the world isn't ready for this), or buy a cinema ticker through Vue.

A lot of stuff that my old leather wallet can't do.  I still have one of course.  It has my payment cards, travel cards (Oyster) and cash in.  But it's a lot thinner than it used to be.

There is no such thing as a "killer" app that can do all of the above, and frankly there doesn't need to be.  There's room for more in my Digital Wallet (and I’m open to suggestions).  I'd be happy to pay from within social networks.  I'm happy for operator billing through EE.

I think my Digital Wallet would be improved with biometrics, and not necessarily finger scanning although I know that the floodgates have opened with Apple on that.  I’d like my Digital Wallet to have a wearable extension.  I'd like to tap and pay, wave or bump without getting my phone out, or have a quick balance check.  Maybe even a tap through a transport gate.

The opportunity is in joining the dots between all of these great things and making the experience better for the user. Setting up a Digital Wallet for start.  Simpler ways to connect my money with the apps I choose.  Making paying easier, and more rewarding.

The Digital Wallet exists, even if a little crude and disjointed.  The question is, who will make it into a compelling proposition?

Optima Consultancy - What's in our Digital Wallet?

Comments: (3)

Matt Scott
Matt Scott - RenovITe Technologies Inc - London 19 September, 2013, 11:01Be the first to give this comment the thumbs up 0 likes

I think that's less of a Mobile Wallet and more of a Mobile Mess.  Average consumers (and by this I mean people that work outside our industry) are not ready to adopt multiple Apps as it makes life more complicated than having a few cards in their wallets (lets face it - the ones that aren't used regularly are normally left in a drawer somewhere).

Consumers are looking for something to make life simpler - consolidation - a single App offering all the services they require - Banking Information - Payments Capablity - Loyalty Services (with redemption capability) - all in a consistent and concise User Interface that is common accross all Handset manufacturers.  Consumers don't care if NFC, iBeacons, CloudSE, eSE, USIM SE is used - that is the detailed underlying technology - they just want something reliable, secure and that works everytime they need it.

A Finextra member
A Finextra member 19 September, 2013, 11:44Be the first to give this comment the thumbs up 0 likes

I agree, it's a rubbish experience and a very crude and disjointed wallet.  I'm definitely not advocating that a folder collection of apps and services is a solution!  It's a very Heath Robinson approach...

The illustration being that there is a whole lot of functionality and capability that exists, with some great consumer benefits.  Yes it's a mess.  Yes it's a very clunky experience and requires to be joined up.  I'm not sure that I am in the space of "single app", maybe more seamless connectivity between apps and services.

And I agree entirely that a winning proposition will need to be easy, secure and rewarding, and that consistent UX cross devices is crucial.

Matt Scott
Matt Scott - RenovITe Technologies Inc - London 19 September, 2013, 12:06Be the first to give this comment the thumbs up 0 likes

I think without that "single app" consistency - it fails to be a wallet and will struggle to be managed as "an experince" or "consumer journey" (pick your relevant marketing phrases).  People in the industry need to consider all the Use-Case scenarios - including recovery/reprovisioning for lost/stolen devices.

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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