Current Perspectives on the Mobile Wallet Evolution Current Perspectives on the Mobile Wallet Evolution

July 8, 2015

The Mobile Payments Industry Workgroup (MPIW) convened a meeting in April 2015 to (1) discuss the impact of Apple Pay on the current mobile wallet landscape; (2) gain insights from small and regional financial institutions (FIs) on their mobile wallet experiences; and (3) receive an update from organizations invol ved in mobile payment standards. Several key points emerged from the panel discussions:

  1. the entrance of Apple Pay into the mobile wallet market has had a significant, positive impact on the payments landscape;
  2. the timing of Apple Pay close to the deadline for EMV migration will further help to drive NFC adoption;
  3. the evolution of mobile/digital wallets and payments means different things to various stakeholders -card networks, FIs, merchants, and payment processors; and
  4. interoperable standards that support a rapid pace of technological innovation are critical to advancing the industry.

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