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    White paper explores the evolution of the digital wallet

    The Evolution of Digital and Mobile Wallets white paper cover

    A 24-page white paper that explores the evolution of the digital wallet and the mobile payment landscape while mapping out the best way forward for wallet providers including banks, card networks and mobile network operators is now available to download from the NFC World Knowledge Centre.

    ‘The Evolution of Digital and Mobile Wallets’, produced by Aite Group for mobile financial solutions firm Mahindra Comviva, offers an in-depth introduction to the digital wallet and its functions and takes a look at the technologies used to power such services including NFC and QR codes.

    The paper explores the various forms of online digital wallets, the acceptance landscape for in-store mobile wallet solutions and the regional differences that impact on the deployment of digital wallets.

    The document also assesses the different strategies that mobile wallet providers could take, looking at the best way forward for financial institutions, card networks, mobile network operators, merchants and new entrants into the market.

    “With the growth rate of mobile and online commerce, the plethora of smartphones and the variety of approaches being taken to deliver a digital wallet, it’s clear that the space is going to grow rapidly in virtually every corner of the globe,” the authors say.

    Readers can download this document free of charge from the NFC World Knowledge Centre.

    • William Hugh Murray, CISSP

      All you really need to know is “cardless, contactless, and (credit card account) numberless.”

      However, mobiles offer many more opportunities. The FBI/Apple fracas demonstrated that possession of the device is not sufficient for its use. They offer biometrics like fingerprints, facial recognition, and speaker recognition, singly for convenience and in combination for arbitrarily strong security. Implementations of all of these are available to the application developer for incorporation into his product.

      Unlike cards, mobile based wallets address online commerce security. They can also be used to speed commerce by combining ordering and payment.

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