Classification of digital wallets
Payment form factors massively migrate from physical to digital formats. Digital wallets have become “the new norm” during the recent years and transformed into a universal user interface at the retail payments market. One of the key trends that influenced this evolution is wide-spread use of smartphones and other mobile devices (including wearables), as well as, the rising demand for user-friendly interfaces.
Mobile wallets usage has experienced tremendous growth during the last 3-5 years. There will be 2.1 bln mobile wallet users globally by 2019 (A 30% increase since 2017 (1,6 bln)) that will pay and transfer money using this form factor according to the Juniper research. Despite the wide-spread solutions are produced, for instance, by BigTechs, many banking and niche products gain their momentum (e.g., cryptowallets). The diversity of existing digital and, in particular, mobile wallets create a demand for classification approach that will underline the key differences and points for improving the products and corporate strategies related to these products. SKOLKOVO Financial Innovation and Cashless Economy Centre created a report that presents a two-part classification scheme for existing mobile payment interfaces. First criterion is related to the technological specifics, while the second one is focused on the strategic goal of creating a specific mobile wallet. The classification is based on the analysis of current market offerings, as well as industrial trends. In order to test the developed classification scheme, 10 wallets – best representatives differing by issuer and other specifics – were categorized. This report will be useful to any entities planning to create their own digital wallets or expand functionality of the existing ones. Other interested parties include regulators and other market agents, who are interested in the development and improvement of payment interfaces both in Russia and globally.
Download:
- Report (in Russian)
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