Takeaways for banks from Walmart's about-face on Apple and Google wallets
Source: American Banker ·
Payment experts say that in the wake of Walmart supporting more digital wallets, many banks are missing the boat with mobile wallets by not aiming to stay top-of-wallet and by ignoring operational issues.
From the source
There is a broader urgency around immediate fund availability in consumers' day-to-day financial lives. Walmart's change of heart regarding Apple Pay and Google Pay acceptance is a major coup for mobile wallets. For banks, it's also a wake-up call. Recent research from payments software company Nuvei found that 57% of respondents feel meaningful differences between payment methods and expect to find the one they prefer waiting for them. Mobile wallets are one of those payment methods, with more web-based and in-person businesses asking for Apple Pay and Google Pay, according to Eric Cohen, chief executive of Merchant Advocate, a merchant services consulting firm. "Banks can't fight this movement," he told American Banker. Here are several lessons banks can glean from Walmart's latest move: Walmart's shift ultimately reflects consumer preference, Ed Dean, vice president of product at Nuvei, said in an email. "Even a retailer with the scale to promote its own payment experience has…