Mercator Advisory Group has been measuring consumer adoption of digital wallets for a decade. The questionnaires become more complex every year as new features and functions are added and new suppliers appear. Today there are wallets to support global card networks, national card networks, multiple merchants and single merchants. Some have added loyalty programs, others support ticketing and still others are adding support for car keys. There are also e-commerce buttons that act as wallets and merchant wallets that are adding financial services. Mercator Advisory Group’s latest research report, A Functional Taxonomy of Digital Wallets: Today’s Version, Tomorrow’s Direction, delivers a review of all the major digital wallets using a single consistent taxonomy to enable a more effective competitive evaluation of the feature/functions each wallet supports. This in turn suggests the key development and market direction being pursued by each wallet supplier.
“It is interesting to witness the expansion of wallets into new markets, from authentication to access control. Yet when one takes a step back, one doesn’t perceive these solutions staying focused on the payments market. They need to offer more benefits to win over banks, merchants and consumers,” comments Tim Sloane, Director, Emerging Technologies Advisory Service at Mercator Advisory Group and the author of the report.
This research report has 20 pages and 13 exhibits.
Companies and other organizations mentioned in this report include: Apple, Google, Samsung, PayPal, Starbucks, Cumberland Frams, Zipline, Amazon, EMVCo, McDonalds, Dunkin Donuts, Target, Walmart, Burger King, Subway, Domino's, Chipotle, CVS, Pizza Hut, Panera Bread, Cheesecake Factory, Gulf, Exxon, Venmo, BMW, FIDO, Uber, Lyft, Airbnb, OpenTable.