“The Hidden Controls”, part 3 in Mobey Forum’s series of white papers on the mobile wallet considers the external forces that will dictate how consumers and merchants engage with mobile wallet technology. The paper defines and analyses a series of ‘hidden control points’, which map the commercial battlegrounds where stakeholders will vie to influence both acceptance and adoption of mobile wallet technology.
This white paper reveals the hidden forces that will shape the development of the mobile wallet. The paper applies Mobey Forum’s ‘control point’ model to the world of the merchant’s acceptance infrastructure. It explores the variety of systems that will need to interoperate if the mobile wallet is to generate sufficient value to warrant mass adoption by consumers, and widespread acceptance by merchants.
The paper asserts that full commitment from a variety of stakeholder groups, which have little experience of working together, will be required if the technology is to succeed. Investment in infrastructure will be needed. Across a number of areas in the mobile wallet ecosystem, rivals will need to set aside their differences and work together to develop commonalities, standards and service offerings.
In terms of market development, the paper reinforces Mobey Forum’s position that only by generating unique value for both merchants and consumers will the mobile wallet’s full potential be realised. It contends that spectrum of content developed for the mobile wallet will be wide, but will be developed in support of three core drivers: openness, usability and relevance.
The aim of the paper is to educate stakeholders and encourage the development of business models that will simultaneously drive revenues for stakeholders and optimise the consumer benefits and experience of mobile wallet technology.
Mobey Forum defines a mobile wallet as: A Mobile Wallet is functionality on a mobile device that can securely interact with digitized valuables.