Forrester: What Digital Wallet Growth in China Means For Businesses
Businesses need to evaluate marketplace options and consumer needs for digital wallets to ensure successful deployment
Senior Analyst
Key takeaways from the report include:
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Understand China’s unique mobile payment system is unique
In general, the mobile payment services ecosystem is extensive and market players include standards bodies, mobile devices, manufacturers, banks, mobile network operators, mobile payment platforms, merchants and consumers. InChina , the country’sCentral Bank policies determine the market access of third-party payments. By unifying mobile payment standards, theCentral Bank improves compatibility of digital wallets offered by the different players, thus lowering the cost of adoption.
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Select the mobile wallet that’s right for you
There are three types of digital wallets that exist in the marketplace for businesses to choose from: remote-only digital wallets, proximity-only digital wallets, and omni-channel digital wallets. Financial institutions, mobile operators, and third-party online and mobile payment platforms offer different digital wallet options, each possessing unique capabilities and positioning.
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Keep Consumers and ROI in mind when selecting a Digital Wallet
Merchants who recognize consumers’ mobile integrated lifestyle have primarily adopted digital wallet solutions to improve the customer experience and simplify the payment process. To adopt the right solution, merchant organizations must understand the factors that influence consumers’ usage of digital wallets.
About
© 2014,
1 A digital wallet is a digital service, accessed via the Web or a mobile app that authorizes payment transactions from one or more payment sources and facilitates other commerce-related features such as offers, coupons, loyalty rewards, electronic receipts, and product information.
Source:
Forrester Research, Inc.
Deborah Ng, +65-6426-7016
Public
Relations, Asia Pacific
dng@forrester.com