|By Business Wire||
|June 25, 2014 10:00 PM EDT||
Digital wallets1 adoption is growing in China, according to a new report from Forrester Research, Inc. (Nasdaq: FORR). The growth is attributed to the burgeoning eCommerce market, explosive growth of smartphone penetration, and mobile payment technologies in recent years that have made digital wallets a convenient payment option. Aggressive promotional efforts by eCommerce giants, Alibaba and Tencent, financial institutions and mobile operators also play a key role in encouraging the use of digital wallets via their online platforms.
Senior Analyst Vanessa Zeng writes in the report that, with the strong growth potential of digital wallets in China, businesses should evaluate consumers’ needs, marketplace options, and formulate a digital wallet strategy to deliver better business outcomes.
Key takeaways from the report include:
Understand China’s unique mobile payment system is unique
In general, the mobile payment services ecosystem is extensive and market players include standards bodies, mobile devices, manufacturers, banks, mobile network operators, mobile payment platforms, merchants and consumers. In China, the country’s Central Bank policies determine the market access of third-party payments. By unifying mobile payment standards, the Central Bank improves compatibility of digital wallets offered by the different players, thus lowering the cost of adoption.
Select the mobile wallet that’s right for you
There are three types of digital wallets that exist in the marketplace for businesses to choose from: remote-only digital wallets, proximity-only digital wallets, and omni-channel digital wallets. Financial institutions, mobile operators, and third-party online and mobile payment platforms offer different digital wallet options, each possessing unique capabilities and positioning.
Keep Consumers and ROI in mind when selecting a Digital Wallet
Merchants who recognize consumers’ mobile integrated lifestyle have primarily adopted digital wallet solutions to improve the customer experience and simplify the payment process. To adopt the right solution, merchant organizations must understand the factors that influence consumers’ usage of digital wallets.
About Forrester Research
Forrester Research (Nasdaq: FORR) is a global research and advisory firm serving professionals in 13 key roles across three distinct client segments. Our clients face progressively complex business and technology decisions every day. To help them understand, strategize, and act upon opportunities brought by change, Forrester provides proprietary research, consumer and business data, custom consulting, events and online communities, and peer-to-peer executive programs. We guide leaders in business technology, marketing and strategy, and the technology industry through independent fact-based insight, ensuring their business success today and tomorrow. Visit www.forrester.com.
© 2014, Forrester Research, Inc. All rights reserved. Forrester is a trademark of Forrester Research, Inc.
1 A digital wallet is a digital service, accessed via the Web or a mobile app that authorizes payment transactions from one or more payment sources and facilitates other commerce-related features such as offers, coupons, loyalty rewards, electronic receipts, and product information.
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 11:30 AM EST Reads: 621
Dec. 7, 2016 11:15 AM EST Reads: 2,279
Dec. 7, 2016 11:01 AM EST Reads: 102
Dec. 7, 2016 11:00 AM EST Reads: 969
Dec. 7, 2016 11:00 AM EST Reads: 960
Dec. 7, 2016 10:45 AM EST Reads: 262
Dec. 7, 2016 10:30 AM EST Reads: 1,478
Dec. 7, 2016 10:30 AM EST Reads: 1,130
Dec. 7, 2016 10:30 AM EST Reads: 1,700
Dec. 7, 2016 10:30 AM EST Reads: 915
Dec. 7, 2016 10:03 AM EST Reads: 240
Dec. 7, 2016 10:00 AM EST Reads: 386
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Dec. 7, 2016 09:30 AM EST Reads: 841
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, sha...
Dec. 7, 2016 09:15 AM EST Reads: 1,093
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Dec. 7, 2016 09:15 AM EST Reads: 7,240