Mobile wallets

Debit cards often lack the rewards and spending power of credit cards, and thus do not figure prominently in TV ads or direct mail flyers. Yet despite these limitations debit cards are beloved by millennials and anyone else who wants to avoid credit card debit.

If the retail giants' Merchant Customer Exchange payments venture collapsed under the weight of trying to create a one-size-fits-all mobile wallet to bypass card networks, then the implosion of that joint venture was the best thing that could have happened.

Amid success stories like Apple Pay, Google Pay and the Starbucks app, there are many wallet apps that failed to gain traction — or squandered it when they did. But there is a lot to learn from their experiences.

By dumping Chase Pay's standalone point of sale app, JPMorgan Chase is handing a victory to the likes of Apple Pay — but it's also eliminating an app that was tangential to the issuer's long-term payments goals.

Barclays has jumped on a huge range of technology that brings payments closer to myriad activities, but as competition looms, the bank is working to better organize its projects.

Apple is far from the first to apply a high-tech spin to the ordinary payment card. Several other companies before it have experimented with technology and materials in the hopes of providing a unique form of payment.

Apple's massive user base, fully digital enrollment system, merchant reach and partnership with Goldman Sachs threaten retail banks on multiple fronts.

Banks need to find quick wins; enhancements that make the most of their current strengths by maximizing revenues and offsetting rising customer attrition, writes Lars Sandtorv, CEO of MeaWallet.

Banks can fine-tune their apps so the customer doesn't give up halfway through a cumbersome sign-up process.

Merchants outside of China who have the QR code technology to accept Alipay and WeChat Pay are part of a growing trend to serve Chinese tourists who are comfortable paying via their smartphones.