Page 32 - Pay Magazine s2014

digital money
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Will Bank-Backed M-Wallets Win?
As banks gain a
more prominent spot in the mobile
payments market, will they become the one wallet to
rule them all?
The mobile wallet competi- tion has intensi ed now that banks are making a play for the space, pitting them- selves against third-party wallets and retailer payment apps in a race for enrollment.
Along with the arrival of the so-called Pays—including Apple Pay, Android Pay and Samsung Pay—the past two years have produced a succession of banks announcing plans for their own proprietary wallets. And activity
on that front has picked up in recent months.
Capital One became the rst U.S. bank to get in the game when it added contactless payments capabilities to its existing Capital One Wallet in October 2015, enabling its users to make purchases at the point of sale. Later that month, Chase revealed plans for its own wallet, Chase Pay, and made known its plans
to partner with retailer consortium MCX to have Chase Pay accepted