{"id":6725,"date":"2015-08-18T10:29:08","date_gmt":"2015-08-18T10:29:08","guid":{"rendered":"https:\/\/passkit.com\/blog\/?p=6725"},"modified":"2024-10-13T17:35:38","modified_gmt":"2024-10-13T17:35:38","slug":"mobile-payments-and-the-mobile-wallet-are-preparing-for-battle","status":"publish","type":"post","link":"https:\/\/passkit.com\/blog\/mobile-payments-and-the-mobile-wallet-are-preparing-for-battle\/","title":{"rendered":"Mobile Payments And The Mobile Wallet Are Preparing For Battle"},"content":{"rendered":"

First, a little bit of history…<\/strong>
\n2011- Google Wallet
\n2012- Apple Passbook
\n2013- Apple iBeacon
\n2014- Apple Pay
\n2015- Android Pay- Apple Pay UK – Apple Wallet – Eddystone<\/p>\n

Mobile Payments and the Mobile Wallet are preparing to kill the leather wallet<\/h3>\n

Has the leather wallet finally met its match? Since 2011, we have seen a steady amount of mobile wallet innovations<\/a> and a slow, but also steady rate of adoption. Ever since these early innovations, people have said that the leather wallet will die. We have yet to see this happen. But has the time come? 2015 has presented us with a higher adoption rate and more innovations to the mobile wallet than we have ever seen. Will this be the year that the leather wallet meets it imminent demise?<\/p>\n

\"The<\/a>
The mobile wallet wars are underway as more and more companies join the battle of mobile payments<\/figcaption><\/figure>\n

2015 has also seen more entries into the mobile wallet market than ever before. In past years, we could expect maybe one or two major announcements regarding the mobile wallet. In the year 2015, we have already surpassed that many and we are only half way through the year. This is not to mention the growth that the current market has already been seeing.<\/p>\n

Lets take a look at the growth of the mobile wallet and mobile payments-<\/h4>\n

An August 2014 survey by Accenture found that 41 percent of U.S. consumers had used their phone to pay at a merchant location. That’s up from 17 percent in 2012.
\nU.S. proximity payment transaction values doubled between 2012 and 2013 to reach $1.59 billion as more consumers warmed to paying for their daily cup of coffee with their phones. eMarketer projects transaction values will double again this year to reach $3.50 billion and further accelerate through 2016.
\nApple Pay initially launched in the U.S. in 2014 with a total of 230,000 locations. It is now projected to be available in over 1.5 million locations <\/a>across the U.S. by the end of 2015.
\nThat is just a quick look at the growth that the mobile wallet has seen in a very short period of time. But what about what\u2019s going on right now? This is where we see things start to get very exciting for mobile payments:
\nFebruary 10th- JetBlue becomes first airline to accept Apple Pay in Flight<\/a>
\nMarch 1st- Samsung announces Samsung Pay<\/a>
\nMay 28th- Google announces Android Pay<\/a>
\nJune 9th- Apple changes Passbook to Wallet
\nJuly 14th- Apple Pay launches Apple Pay UK in over 270,000 locations
\nJuly 14th- Google launches Eddystone- an open source bluetooth beacon BLE format<\/a>
\nJuly 16th- Paypal and Ebay officially split so Paypal can focus on mobile payments<\/a><\/p>\n

\"JetBlue<\/a>
JetBlue kicked off the year of mobile payments by accepting Apple Pay for in-flight purchases<\/figcaption><\/figure>\n

Here we are, 7 months into 2015, and there has already been this much development in the mobile wallet sector. I\u2019m not going to talk about each individual thing that happened because you can find in-depth articles by clicking on their respective links. What I want to talk about, is what this means for the mobile wallet and mobile payments as a whole. See, before, progress was happening steadily and slowly, but we have seen that start to change.
\nNow, progress is picking up speed, and picking up speed fast. There is always something new hitting the news, whether it\u2019s a totally new product like Eddystone or just something rumored like Apple\u2019s patent for its P2P payment system<\/a>. Regardless, something is always happening around the mobile wallet.<\/p>\n

The mobile payment and mobile wallet opportunity has arrived<\/h3>\n

This is what brings me to the point of this article. We are at a time within the mobile wallet industry and ecosystem that is very important and very critical. Right now, the mobile wallet is crystallizing. Everything is starting to come together as one. We are beginning to bring all the separate parts of the mobile wallet; payments, coupons, rewards, beacons, and different OS\u2019s, and bring them all together to form what will become the complete mobile wallet.
\nCurrently, we are waiting to see who wins the war for mobile payments. But the thing is, there will be no winner. Just like there is no winner in smartphones or computers, there will be no winner for mobile payments. We may not always have as many platforms as we have today, but we will always have more than just Apple Pay or Google Wallet. This is why I see this many competitors entering the market as a good thing. The more smart innovative tech companies we have involved in mobile payments the better. For more reasons than one:<\/p>\n