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Mobile Commerce Insider Week in Review: Rise of the Mobile Wallet

Mobile Commerce Insider Featured Article

September 27, 2014

Mobile Commerce Insider Week in Review: Rise of the Mobile Wallet

By Steve Anderson
Contributing TMCnet Writer

Mobile commerce has been causing plenty of shift in the way people think about buying and selling products, but one thing that's especially changed is not just using mobile as a platform to shop, but also as a platform to pay for purchases. The mobile wallet has made a lot of gains in the field of late, and this week in mobile commerce was very much into the mobile wallet. So with a weekend on hand, settle in, and let's run down the biggest events of the week with our Week in Review coverage.

First, we had a look at the overall size of the mobile wallet market, and how high said market would reach just by 2020. The current word suggested that the market was set for an astonishing 32 percent compound annual growth rate (CAGR), which would make the market that reached $425.8 billion in 2013 worth around $2.9 trillion in that time. Advances in mobile connectivity are expected to help, as is the growth of easier to use payment systems.

Then we took a look at Apple Pay, itself a major development in the advancement of mobile wallet technology. A special guest ran down some of the major challenges facing Apple (News - Alert) Pay, however, and noted that there were some serious issues to face down, particularly as relates to security. But there were also some significant advantages in Apple's corner that may give it an edge in the field if developed properly.

With the holiday shopping season rapidly approaching, issues of mobile shopping—whether using a mobile wallet or not—also came into play, and there were plenty of issues to consider on this front, particularly for those who offer mobile shopping options to users. Genesys (News - Alert) is set to offer a webinar talking about this very topic on Thursday, October 2, starting at 2 p.m. EDT. Included here are discussions on the intersection of smartphones and smart shoppers as well as new tactics to take on “showrooming.”

Then we had a look at the field of prepaid debit cards, and how Blackhawk Network acquired Parago, a company that focuses on engagement management with prepaid card reward programs. Blackhawk Network reportedly laid out fully $290 million for Parago in a cash deal, and with the purchase will reportedly come the Parago Reward Ordering Portal, allowing for the centralized management of Visa prepaid cards and rewards accordingly, seen by some as a terrific way to build engagement.

Finally, we had a look at a means some use to fill a mobile wallet: Bitcoin. Specifically, we looked at Butterfly Labs, who sells a line of devices designed to help users mine for Bitcoin by solving the various mathematical formulas involved in making Bitcoin. At issue here were allegations of fraud, as well as misrepresentation, as the company often did not deliver product that in some cases cost thousands of dollars until after the product became obsolete for Bitcoin mining. Butterfly Labs, however, responded with stories of refunds paid and shipments arrived.

That was the week that was in mobile commerce, and this week had a clear focus on the mobile wallet. But even when the news wasn't about the mobile wallet, our global online community was still in the thick of it, bringing back all the latest to discuss right here. So be sure to join us back here next week for the very latest from the field, and every weekend as well for our Week in Review coverage!

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