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When will the day come that wallets as we know them will be obsolete? That day may be closer than some payments companies might think.
Innovations in digital technology are rapidly changing the payments landscape, and the digital wallet is one of them. It can mend the seams of consumers’ disjointed omni-channel experiences, supporting their desire to shop in a seamless flow across channels and form factors. Even so, many consumers have been slow to adopt the technology due to restrictive implementations or lack of perceived new value.
This point of view delves into digital wallet opportunities for payments players. The issue is not just about technology. In fact, payments companies have a clear role to play in driving mass consumer adoption of cloud-based digital wallets—and they stand to gain significant benefits if they do.
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Learn more about our Payments Insights Series
What does the future of payments look like? We asked consumers. Learn more in our Accenture 2014 North America Consumer Payments Survey.
Digital wallets are the wave of the future in omni-channel purchasing, offering a strong return on investment for payments players in the near- and intermediate-term. For long-term gains, digital wallets must become part of the fabric of people’s everyday lives. Yet mass adoption has been challenging due to security, privacy and flexibility concerns—real and perceived. Payments players can pursue specific guidelines to influence consumer mindshare around adoption and increase share of the wallet for dollars invested while accounting for emerging technologies.
August 12, 2014
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