Industry Perspectives on Mobile/Digital Wallets and Channel Convergence Industry Perspectives on Mobile/Digital Wallets and Channel Convergence

The Mobile Payments Industry Workgroup (MPIW) convened a meeting in December 2014 to discuss the convergence of mobile and ecommerce and the new risks that are emerging as a result.  Panelists discussed (1) different wallet platforms; (2) how card networks and other payment service providers manage risks associated with converging digital and mobile channels; and (3) merchant strategies around building a mobile payment and shopping experience.  Some key trends from the discussions include a need to accommodate the convergence of payment channels (mobile, physical and online), a strong desire among industry stakeholders to enhance convenience and value in the mobile/digital payments experience through value-added features, and a need to reduce payment fraud by eliminating sensitive payment credentials from the transaction process.