LONDON--(BUSINESS WIRE)--UK consumers want to acquire mobile wallets from banks over non-traditional mobile wallet providers, according to the latest research from the Auriemma Consulting Group’s (ACG’s) Mobile Payments Report (MPR). The survey found that consumers expect to acquire mobile wallets from the following providers, if available:
- 18.4% of consumers would acquire mobile wallets from banks (e.g., American Express, Barclays, Lloyds TSB, etc.)
- 11.6% of consumers would acquire mobile wallets from digital/mobile payment providers (e.g., PayPal, Skrill, Neteller, etc.)
- 9.5% of consumers would acquire wallets from mobile providers (e.g., O2, Vodafone, etc.)
- 5.1% of consumers would acquire wallets from external providers (e.g., Google, Apple, Facebook, etc.)
The mobile wallet is poised to gain strong momentum and usage over upcoming years, so in order to capitalise on the strong consumer interest, banks will need to consider their preferred path moving forward in this space. Banks can either invest in the development of proprietary mobile wallets, or partner with existing mobile wallet providers to serve as a funding mechanism for the wallet. Non-traditional providers, conversely, need to either prove their experience within the financial services space, or partner with existing payment providers.
“The key to the success of the mobile wallet is to deliver a product that serves a clear purpose and delivers on a consumer need,” said Matt Simester, Managing Director at ACG. “In addition, banks will need to find ways to monetise the mobile wallet, to ensure it becomes financially viable in the long-term.”
Additional Key Findings
Mobile wallet prospects (consumers that expressed interest in acquiring a mobile wallet) selected the top reasons they would acquire a specific provider’s mobile wallet as the following:
- 72.7% of prospects selected their reputation/trust in the provider
- 62.0% of prospects selected their existing relationship with the mobile wallet provider
- 52.9% of prospects selected the provider having past experience within the financial services space
- 52.1% of prospects selected the features and benefits offered on the mobile wallet
- 38.0% of prospects selected their loyalty to the brand that issued the mobile wallet
- 33.6% of prospects selected the mobile wallet’s ratings and reviews
Mobile wallet prospects ranked their interest in various types of mobile wallets as follows:
- Ranked #1: Mobile wallet provided by my bank, which offers the ability to link only their cards onto it
- Ranked #2: Mobile wallet provided by my bank, which offers the ability to link cards from multiple banks onto it
- Ranked #3: Mobile wallet provided by a non-bank provider (e.g., Apple, Google, O2, etc.), which offers the ability to link cards from one bank onto it
- Ranked #4: Mobile wallet provided by a non-bank provider (e.g., Apple, Google, O2, etc.), which offers the ability to link cards from multiple banks onto it
About the Mobile Payments Report
The Mobile Payments Report (MPR) is a market research service that provides a comprehensive and trended insight on all aspects of mobile and e-commerce, including contactless and NFC payments. The MPR tracks consumer usage, penetration, and attitudes across more than 50 key measures on a quarterly basis, and is therefore a source of deep consumer-led insight. The service is enhanced by consulting support from payments industry practitioners to enable subscribers to shape, adapt, and prioritise mobile payments strategy based on evolving consumer needs and mindsets. For additional information about this press release, and/or to subscribe to the Mobile Payments Report, contact Matt Simester at matt.simester@acg.net or +44 (0) 207 629 0075.
About Auriemma Consulting Group
Since 1984, ACG has offered comprehensive management consulting, research, industry roundtable and benchmarking services to the financial services industry. ACG clients include credit card issuers and networks, commercial banks, mortgage lenders, merchants, and industry vendors. With offices in New York and London, ACG offers actionable solutions to help clients make important business decisions to maximise their efficiencies and revenues.