What is Mobile Wallet ?, What is Mobile Banking ?

What is a Mobile Wallet ? What is Mobile Banking ?

Many people confuse Mobile Wallet from Mobile Banking. However they are different kind of financial mobile solutions, with capability to execute in a Mobile Phone a financial transaction and to get access of your bank accounts.

Mobile Banking is when the mobile phone is used by customers as an access channel to financial services over Bank Accounts. Is like On Line banking, but with additional benefits.

 It is ubiquitous access over bank accounts for the customer. That means Anywhere, Anytime, Always connected. (http://en.wikipedia.org/wiki/Ubiquitous_computing).

Mobile banking uses mobile devices (like Camera, GPS, etc.) to create new opportunities. i.e.

§  Remote Check Deposit using camera.

§  Branch & ATM Locator in maps near my.

§  Pay like a debit card, using NFC in a NFC POS.

§  Credit origination.

§  Fix Terms, Origination.

§  Marketing Terminal to receive bank messages, offerings, etc.

§  Alerts and Notifications in your bank accounts.

§  Transfer funds to other accounts.

§  Many others and new to be defined…..

Mobile Wallet is when the mobile phone becomes a carrier for payment instruments like credit cards, banks accounts, stored value accounts (pre paid), ready to use in POS, Cash IN, Cash OUT points, and to make On Line Transactions. i.e.

§  Bill Payments.

§  Remittances, P2P and Request Money.

§  Airtime top up.

§  Stored Value Account Management. (Like pre-paid card, or Saving account).

§  Web Payments, Merchant Payments.

§  Discount Coupons. Loyalty Cards Redemption, etc.

§  Many others and new to be defined…..

Coming soon….

·         What is the cost for a financial institution to implement a new mobile channel?
Saas is an option?

·         How long is needed to implement and integrate the mobile channel?

·         How is the adoption curve for mobile banking and mobile wallets in the population?

·         What is the ROI on Mobile Banking and Mobile Wallet?