Understanding the Mobile Wallet: 3 Things Retailers Must Know

That said, retailers want to be assured that mobile wallets will drive higher revenues and lower costs over time. What the market currently needs is a standard payment instrument, hardware and network to support it.

3. A ‘hub’ eliminates market barriers. While a retail brand might be ready to dive into the mobile revolution, the complexity of establishing relationships in the vast mobile ecosystem often delays or halts progress. In addition, many companies are vying to establish standards for their own payment solutions while tackling consumer concerns over security and privacy. Brands must address these issues with a business model focused on resolving market inefficiencies and fragmentation. A mobile hub solves these problems.