The Future of Mobile Wallets Lies Beyond Payments

In this video: Paul Tomes, Co-Founder and CEO of, presents “The Future of Mobile Wallets Lies Beyond Payments” at the Retail Asia Expo, 9 June 2015.

The shift to mobile payments is now firmly underway but the move from the leather wallet to the handset means more than just processing a transaction and there are many more possibilities for retailers to capitalise on the shift.

Paul Tomes gives an overview of why retailers should encourage their customers to look beyond their credit cards when they open their mobile wallet. He takes a retailers perspective on the benefits of mobile payments and loyalty and shows some integration in action.

Paul expands on what Apple Pay means:

Everybody knows, or at least seems to know, that Apple Pay is the ability to link your debit or credit card to your iPhone. If you have the latest iPhone, either the iPhone 6 or iPhone 6plus, you can upload your credit card and instantly have the ability pay at anywhere that accepts an NFC tap. And many of those readers have been out in the world for some time. While Apple Pay started in the U.S. it’s fast being rolled out across the world and many countries across Asia are slated for this year?

So more specifically what does that mean for retailers and how can retailers take advantage of that?

There’s a couple of things that you need to know as a retailer;
1. The first thing to know is that the ability to accept payment via Apple Pay is almost identical to accepting a payment via a credit card. So the act of swiping your Visa card today, and the act of loading your Visa card to your iPhone 6 and tapping that phone at an NFC enabled reader is virtually the same thing for a merchant. So if you have NFC readers in your outlets, a customer would be able to come in and tap their phone, just like they are swiping their card and you – as the merchant – experience that customer and that engagement almost identically. Which means you are not getting quite what you were hoping out of the mobile payments aspect.

2. Because Apple is not sharing that customer information there is no way for Apple Pay to pass that customer information back to you as the merchant. So given Apple Pay is identical to a credit card swipe this carries forward, in that retailers are not getting any of the transactional data from the Apple Pay platform. Because it’s just like the credit card you know just as much as you know about someone who’s swiping a Visa, MasterCard, UnionPay or Amex. You don’t know their name. You only know that someone has paid with that specific tender type.
So that’s how Apple Pay functions.

3. Retailers are not gaining any additional ability to customise the interaction with your brand. Customers simply get a receipt that lists Visa as the payment type on that receipt. There is no control how that customer experiences the brand within the iPhone. Retailers don’t get to brand the credit cards and very little interactivity.

You’d think that with the introduction of mobile payments in the new iPhone that this would be heralding a entirely new set of experiences for the customer, and the reality is that the core apple pay piece is simply not delivering that.
Now, Apple Pay exists within the Passbook (or what will be known as Wallet in iOS9), which is more analogous to the traditional wallet. Your Visa card goes into the traditional leather wallet, and your Apple Pay goes into your mobile wallet.

Now you can’t talk about the mobile wallet and what that’s supposed to mean for the world and for the introduction of mobile payments unless you start to think about well how is that actually going to impact us.
Well I want to take one step back and just discuss what could it mean, and what can mobile payments be when you start to think about what’s possible.

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