This is a report by Mobey Forum’s Digital Wallet Expert Group
(For related podcast, go here.)
The global payments landscape is evolving, with account-based wallets playing a key role in digital transactions. Mobey Forum’s Digital Wallets Expert Group’s report analyses the evolution of account-based wallets, the competitive landscape, strategic considerations for banks, and provides a comparative analysis of existing account-based wallets. Some of the key findings in the report include:
Key Drivers of Adoption
- Technological Advancements: high-speed mobile connectivity, QR codes, and instant payments enhance wallet functionality.
- Consumer Preferences: Demand for contactless and convenient payments drives adoption, with wallets integrating loyalty programs and digital IDs.
- Regulatory Support: Open banking initiatives and financial inclusion efforts create a favorable environment for growth.
Challenges & Considerations
- Interoperability: Seamless integration across financial institutions and payment systems remains a challenge.
- Security Concerns: Robust protections are needed to prevent fraud and cyber threats.
- Market Competition: Tech giants entering the payments space push traditional financial institutions to innovate.
Future Outlook
Account-based wallets are expected to integrate AI and blockchain to enhance personalization, security, and efficiency. Collaboration among financial institutions, tech providers, and regulators will be critical in building a resilient digital payments ecosystem.
Mobey Forum’s Digital Wallet Expert Group co-chairs:
Marina Repo, Nordea
Cédric Sieber, PostFinance
Kristian T. Sørensen, IN Groupe
