Mobile Wallets Won’t Work (yet) in 2021

This week, Accenture launched an analytical mobile wallet app.

 Fantastic! For 0.1% of the population.

Mobile wallets have been an interesting topic for years and I understand why:

• They are new, stylish and equipped with advanced technology

• Looks futuristic

• They promise a day when we can all stop carrying large bags with 4 or 5 cards inside.

But here are some reasons why I think we should focus on other solutions:

Mobile wallets are platform-specific

• They only need hardware that is available in a small part of smartphones.

• Requires acceptance by developers and vendors of POS systems

Let’s be honest: Google did this and it doesn’t work very well. Apple has the capability to do this, but it isn’t.

• Years of practice are enough to adopt.

So we’ve highlighted one thing: I want to say something about advances to the playroom. I now have 14 plastic cards in my wallet. 9 magnetic tapes, including two ID cards, a membership card, and other payment methods. These are six steps that you can add to a mobile wallet that is now in my wallet. I still have 7 to 10 on my desk (gift cards, debit cards, credit cards) that I don’t have with me because I don’t have space.

I will remove all these cards!

However, I have also recently traveled to the US (43 states, 2 parts of Canada, most US cities, and nearly 24,000 miles) and the experience will always be my measure of consumer benefit.

Can I also replace my travel payment cards with an existing solution on the market? No, no.

(Yes, I put a coin to one side because everyone is so frustrated – I know it will solve the problem very well in particular, but it’s a good example of a poorly presented solution and we do our best).

What is the crux of the matter?

Advertising. As I said here, payments in the future will also include people who make payments and people who pay. There are two users to worry about. Because this is a classic chicken and egg, any real solution to this problem needs to be answered on both sides of the question. Why would a merchant use a payment system (NFC, Square, VeriFone, etc.) unless he uses enough customers? Why would a consumer use a payment system (wallet, credit card, medicine – Bitcoin), unless he can use it in all of his daily shopping experiences?

Let’s go back to the wallet now.

Accenture adds incredibly valuable services to merchants and payment companies, allowing them to deploy, analyze and manage consumer businesses more quickly and flexibly. It will probably have a cost, even if it is blank for your financial customers. In the end, it looks like they’re missing the point: unless you’ve completely fixed the problem for your users, your sound is on its way to an effective solution.

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