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Mobile wallet systems could hurt brick-and-mortar banks, survey suggests

Cameron Scott

Wednesday, June 6, 2012 - 09:32

U.S. financial institutions face a serious competitive threat from the rise of mobile wallet payments apps, according to a consumer study released Monday by Carlisle and Gallagher, a consulting firm that specializes in financial services.

U.S. financial institutions face a serious competitive threat from the rise of mobile wallet payments apps, according to a consumer study released Monday by Carlisle and Gallagher, a consulting firm that specializes in financial services.

A mobile wallet is a smartphone app that supports multiple payment options, including credit cards, and potentially coupon offers and purchasing wish lists as well. Google Wallet is the best known mobile wallet, but PayPal has demoed its forthcoming offering and Apple is widely expected to launch its own wallet app soon.

An April survey by the Pew Internet and American Life Project suggested mobile payments will overtake credit card payments by 2020.

Nearly half of the 605 consumers Carlisle and Gallagher polled expressed interest in adopting a mobile wallet. Of those, eight of 10 would consider using PayPal, Google or Apple as a primary provider of financial services including banking and credit cards, with PayPal as the strongest candidate. 

Read the full story by clicking the link below
http://www.pcadvisor.co.uk/news/internet/3361941/mobile-wallet-systems-could-hurt-brick-mo rtar-....
 
Tags: Mobile Banking, Americas, Mobile Wallet, PayPal, Apple, Google, Carlisle and Gallagher

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