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Where's My M-Wallet?
By Matt Pillar, Editor In Chief, Integrated Solutions For Retailers magazine
For nearly four days last week, my phone was lost. I found it by chance — perched high on a shelf in my garage for reasons that remain unknown — thanks to a friend who happened to be calling as I was digging through my truck, looking for something else I'd misplaced — my wallet.
My carelessness got me thinking about the mobile wallet concept. A recent study from KPMG found that just 23% of consumers would be willing to use their mobile device in lieu of another form of payment. Yet despite the unpopularity of the concept, device manufacturers, payment processors, banks, software providers, and even several retailers are pushing forward with m-wallet plans. Collectively, they think it's only a matter of consumer education and time before the interest and adoption builds. I'm not so sure. Five-plus years ago, many of the same players were saying the same thing about smart cards. Where are they now?
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