In Depth

What’s Missing from Mobile Wallets: A TSYS Report

Mobile wallets are on the rise, and consumers are being given a wide variety of choices when downloading them to their devices. However, according to a TSYS white paper released today, consumers are still hesitant to replace their cards with these mobile wallets. What’s causing the hold back?

Perhaps it’s all about the convenience. The report indicates that consumers want more than the ability to pay for things using their mobile wallets. Of the 500 consumers surveyed, 55 percent said they would like their driver’s license, which most said was the number one content of their physical wallet, to also be added to their mobile wallets. And 47 percent of the consumers asked said they would use mobile wallets more if it contained everything in their physical wallet.

“Convenience is the commodity that everyone wants to leverage and this is driving the greater dependency and usage of the mobile phone,” said Chris Colson, director of innovation at TSYS, in a recent podcast interview with Market Platform Dynamics CEO Karen Webster. (link to podcast)

The TSYS report delves deeper into what is enticing these consumers to use mobile wallets – broader, full-wallet capabilities, whether the right consumers are being targeted, or perhaps the availability of a mobile ID.

To learn more TSYS’s research on mobile wallets and get a “prescription for success,” read the white paper here.

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