Is this your mobile wallet? Hope not!

  • There is a steady stream of new players entering the mobile payment and mobile wallets, making the market and consumers more and more confused. But I say be cool, consilidation game is on and we are starting to see where it’s going. The winners will be card and account based solutions and that add more than “just payments” to merchants and consumers.

Big players like Apple, Google and Samsung is launching their wallets country by country, banks is doing it starting with person-to-person payments services and local/regional heroes are adding more sevices to their wallets to get adoption.

Anyway, the most used mobile wallet today is the below one and it’s not recommended! At least in Europe this is the mobile wallet you will find at most users. These wallets, eg. smartphones with your payment cards and id’s in the sleeve, are all over the place lying on the tables at cafe’s and restaurants. If you loose your mobile, you will also loose your cards. I wonder why people don’t do their physical wallets in the same way? The “phone & card” way seems alright..but it isn’t!


I discussed this with several card issuing banks in Sweden and Norway and they all say the same. The card owner need to have their cards in “full control” and leaving them at the bar often stored in a glass waiting for more orders, in a bag hanging on back of your chair at the restaurant or on the table, is in most cases “not in control”. This means, if lost or stolen the bank can deny to pay back eventual money withdrawals done “by others”.

So, until your cards is virtual and locked and managed via mobile (but stored in the cloud), keep your physical cards the way you are used to, using a physical wallet or just out of sight.

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