Mobile wallets

North Korean counterfeits haven't been documented since 2008, but recent sanctions may have pressured the country to return to making undetectable U.S. cash.

Merchants need to ensure they are poised and ready for a growing market of digital consumers, write Michael Mertz and Rich Wheeler from CardConnect.

Here we take a data-driven journey into 2018 and some of the key trends that we’re likely to witness.

Mobile wallets have always been a hard sell. In many countries, credit and debit cards work well enough that consumers don't want to learn a new way to pay. But banks and technology companies are committed to bringing their wallet apps to market. In an effort to stay competitive, these companies have spent considerable effort to get their wallets to stand out not only against competitors, but against the compelling option to keep using cash and cards.

Consumers’ behavior around paying bills is often fluid and millennials put a high priority on paying bills immediately, which sometimes means with cash.

Here we take a data-driven journey into 2018 and some of the key trends that we’re likely to witness.

JPMorgan Chase & Co. will soon kick off a cash-back incentive for credit card customers who pay with a mobile wallet, and it doesn’t matter if the transaction is handled by its proprietary Chase Pay platform or Apple Pay, Android Pay or Samsung Pay.

More retailers are accepting mobile wallets, but few agree on what that entails. Many stores are coming up with their own wallets by building on past successes or burying payments deep under the surface of their mobile channel.

Due to new and advanced analytical and analysis practices such as shopping behavior analysis, customer data, including credit card info, now travels to different teams within the organization, multiplying the opportunities for data leakage and exposure, writes Yo Delmar, vice president of GRC Solutions at MetricStream.

As the reigning technology giants demand consumers do everything through voice-controlled smart speakers, they may inadvertently succeed where smartphone-based wallets stalled.

Chase Pay was years in the making, and it's still finding new ways to reach its intended audience. On the surface it seems like a simple QR code-based mobile wallet, but underneath it's far more complex.

PNC's new consumer lending platform will be marketed on a national scale.

While consumer adoption of mobile payments remains sluggish, research behind the scenes to figure out what consumers want from mobile apps is brisk. Proprietary mobile apps from retailers are becoming a hotspot of development, with Target Corp. rolling out Target Wallet this week, joining numerous other retailer mobile apps.

After nearly two years since the news broke of its plans to launch its own digital wallet, Target has finally launched Target Wallet, joining the myriad retailers that have gone with their own proprietary mobile payment solution.

If CVS acts quickly and truly pushes synergies between its retail and insurance businesses, there is time for the company to establish a unique value proposition in reshaping the pharmacy experience.

New York's World Trade Center-based Oculus will host Chase Pay Village until Jan. 7 with an emphasis on holiday wares. Part of its mission is to determine which of Chase's mobile wallet features — if any — are most compelling to shoppers.

Mobile wallets have always had a chicken-and-egg problem: Why should merchants accept them if consumers don't use them, and why should consumers use them if merchants don't accept them? To solve this problem, it takes a village.

Norwegian banks have been keenly aware of — and concerned about — the prospect of mobile wallets developed in Silicon Valley affecting their own services. So much so that a group of banks has begun preparing to merge their payments systems into one platform and have it up and running by next August.

When a coder locked $150 million of digital currency stored in Parity digital wallets last week, many bankers probably saw it as another reason to ignore cryptocurrencies. Instead they should recognize the business opportunity (key custody) that the incident presents.

By learning from others’ mistakes, CUs may be in a position to make real strides forward in digital wallets, despite lackluster adoption rates seen in this space thus far.