While mobile-wallet platform providers see demand for white-label wallets, some merchants say hey see room for improvement in current offerings.
Deployments of mobile payments by single merchants may help get the market rolling, said Kevin Laracey, CEO of U.S.-based Paydiant, a provider of a white-label wallet and QR code-based mobile-payments product.
“The standard story in the mid-2000s from some of the entities that were very large scale is the only way mobile payments would ever come into existence is if they could work everywhere right away,” he said. “But I think what we're seeing with applications like the Starbucks application or Dunkin' Donuts or others is that, guess what, it doesn't have to work everywhere, and I think what we're seeing is, in those individual deployments, you're seeing the first signs of a very open ecosystem emerge, and I think will be the foundation for what happens in the endgame.”
Platform providers have differing opinions on whether banks or merchants will be the most important white-label clients, however. And some merchants have skepticism about the current offers in the market.
Words: 1,200
Among Topics Covered:
•Trends identified by mobile wallet vendors
•Merchant views on current white-label offerings, in general and branding concerns
•Desire for merchant and banks to use their own wallet or apps over third-party wallet providers
Sources Quoted:
•James Ward, VP, credit, department store chain Belk
•Darrell Sandefur, director of digital innovation and R&D, luxury eyewear maker, retailer Luxottica
•Ernie Harker, executive director, marketing, convenience store chain Maverik
•Kevin Laracey, CEO, Paydiant
•Mehul Desai, vice chairman, co-founder, C-SAM
•Deepak Jain, CEO, DeviceFidelity
Among companies and organizations mentioned:
Paydiant
C-SAM
Belk
Luxottica
DeviceFidelity
Starbucks
Dunkin’ Donuts
Isis
Google
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