Digital payments say goodbye to growing pains
The birth of the eWallet
The rise of the smartphone leads to new payment apps challenging traditional eWallets:
- Merchant-owned apps e.g. Starbucks and The New York Times
- Bank-owned offerings e.g. Barclays bPay and Capital One Wallet
- Mobile-friendly NFC technologies e.g. Apple Pay, Google Wallet, Samsung Pay
This drives a worldwide shift from plastic card payments to Alternative Payment Methods, but with many options appearing so quickly a sense of app fatigue and confusion starts to set in, leaving both consumers and merchants unsure of which approach is best.
The eWallet market explodes, but hits growing pains
Here's where we are today
The eWallet grows up
The next few years will see consumers dictate which players come out on top.
Winners will emerge in each of the major digital payment areas.
It will become increasingly difficult for new players to break into this market as most consumers will favour universal platforms from tech vendors or their bank. Only those that can differentiate themselves with an ultra-convenient and unique experience will succeed.
Once the market consolidates, payments services will start linking together to create a harmonious interconnected ecosystem.
With account details, payment preferences, and loyalty points shared between vendors, merchants and banks, consumers can make virtually any transaction – be it an online purchases or a money transfer to a friend – using a single device and payment mechanism.
Convenience is no longer about having as many choices as possible, but rather about not even needing to make a choice every time we pay.
2020 and beyond
A truly harmonious experience
Who’s leading the payments app race?