Dublin, May 20, 2021 (GLOBE NEWSWIRE) -- The "A Functional Taxonomy of Digital Wallets: Today's Version, Tomorrow's Direction" report has been added to ResearchAndMarkets.com's offering.
A Functional Taxonomy of Digital Wallets: Today's Version, Tomorrow's Direction, delivers a review of all the major digital wallets using a single consistent taxonomy to enable a more effective competitive evaluation of the feature/functions each wallet supports. This in turn suggests the key development and market direction being pursued by each wallet supplier.
Today there are wallets to support global card networks, national card networks, multiple merchants and single merchants. Some have added loyalty programs, others support ticketing and still others are adding support for car keys. There are also e-commerce buttons that act as wallets and merchant wallets that are adding financial services.
"It is interesting to witness the expansion of wallets into new markets, from authentication to access control. Yet when one takes a step back, one doesn't perceive these solutions staying focused on the payments market. They need to offer more benefits to win over banks, merchants and consumers," comments Tim Sloane.
Highlights of the report include:
Digital wallets available today are very different, ranging from universal wallets (Apple Pay, Google Pay, Samsung Pay), to online pay buttons (Amazon, PayPal, and soon the Secure Remote Commerce (SRC) solutions), all the way to retailer digital wallets.
Each digital wallet has its own set of features, sometimes implemented to help target international markets, sometimes to address new domestic markets (such as car replacing keys), and sometimes to benefit existing users, be that the consumer, the financial institution or the merchant.
It may be that the difficulty of staying focused on specific markets, instead of chasing new markets, has prevented universal wallets from delivering a compelling solution to its three primary market participants: banks, consumers and merchants.
Universal digital wallets have struggled to provide sufficient features to divert merchants from developing their own digital wallets Universal digital wallet providers have created significant distrust on the part of banks, by adding banking features, introducing their own card programs, as well as P2P capabilities.
Merchants are also not enamored by the universal digital wallets, as they lack the ability to differentiate their merchant loyalty programs.
It is likely traditional market forces will start to consolidate the functions supported in the universal wallets that are popular in the market today. Suppliers associated with what is typically called a universal wallet have all been adding new capabilities.
Key Topics Covered:
A Narrow Consumer POV on Wallets
A Taxonomy of Digital Wallet Functionality
But Wait, There's More
Functionality of Leading Digital Wallets
Cumberland Farms/ Zipline
Key Takeaways On Today's Digital Wallets
Strategic Questions for the Future
Figures and Tables
Over one in four smartphone owners used a universal wallet in-store in 2020
Use of universal wallets online has begun to accelerate
Single-retailer wallets collectively lead in market penetration.
Over half of smartphone owners have used wallets for in-store or online purchases
Taxonomy of digital wallet functionality
Emerging Wallet Functionalities
Wallet Functionality: Apple Wallet
Wallet Functionality: Google Pay
Wallet Functionality: Samsung Pay
Wallet Functionality: PayPal Digital Wallet
Wallet Functionality: Starbucks
Wallet Functionality: Cumberland Farms/ Zipline
Wallet Functionality: Amazon Pay
For more information about this report visit https://www.researchandmarkets.com/r/f1ci5j
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