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BOSTON, April 8, 2021 /PRNewswire-PRWeb/ -- Mercator Advisory Group has been measuring consumer adoption of digital wallets for a decade. The questionnaires become more complex every year as new features and functions are added and new suppliers appear. Today there are wallets to support global card networks, national card networks, multiple merchants and single merchants. Some have added loyalty programs, others support ticketing and still others are adding support for car keys. There are also e-commerce buttons that act as wallets and merchant wallets that are adding financial services. Mercator Advisory Group's latest research report, A Functional Taxonomy of Digital Wallets: Today's Version, Tomorrow's Direction, delivers a review of all the major digital wallets using a single consistent taxonomy to enable a more effective competitive evaluation of the feature/functions each wallet supports. This in turn suggests the key development and market direction being pursued by each wallet supplier.

"It is interesting to witness the expansion of wallets into new markets, from authentication to access control. Yet when one takes a step back, one doesn't perceive these solutions staying focused on the payments market. They need to offer more benefits to win over banks, merchants and consumers," comments Tim Sloane, Director, Emerging Technologies Advisory Service at Mercator Advisory Group and the author of the report.

Highlights of the report include:

    --  Digital wallets available today are very different, ranging from
        universal wallets (Apple Pay, Google Pay, Samsung Pay), to online pay
        buttons (Amazon, PayPal, and soon the Secure Remote Commerce (SRC)
        solutions), all the way to retailer digital wallets.
    --  Each digital wallet has its own set of features, sometimes implemented
        to help target international markets, sometimes to address new domestic
        markets (such as car replacing keys), and sometimes to benefit existing
        users, be that the consumer, the financial institution or the merchant.
    --  It may be that the difficulty of staying focused on specific markets,
        instead of chasing new markets, has prevented universal wallets from
        delivering a compelling solution to its three primary market
        participants: banks, consumers and merchants.
    --  Universal digital wallets have struggled to provide sufficient features
        to divert merchants from developing their own digital wallets. Universal
        digital wallet providers have created significant distrust on the part
        of banks, by adding banking features, introducing their own card
        programs, as well as P2P capabilities.
    --  Merchants are also not enamored by the universal digital wallets, as
        they lack the ability to differentiate their merchant loyalty programs.
    --  It is likely traditional market forces will start to consolidate the
        functions supported in the universal wallets that are popular in the
        market today. Suppliers associated with what is typically called a
        universal wallet have all been adding new capabilities.

This research report has 20 pages and 13 exhibits.

Companies and other organizations mentioned in this report include: Apple, Google, Samsung, PayPal, Starbucks, Cumberland Frams, Zipline, Amazon, EMVCo, McDonalds, Dunkin Donuts, Target, Walmart, Burger King, Subway, Domino's, Chipotle, CVS, Pizza Hut, Panera Bread, Cheesecake Factory, Gulf, Exxon, Venmo, BMW, FIDO, Uber, Lyft, Airbnb, OpenTable.

Members of Mercator Advisory Group's Emerging Technologies Advisory Service have access to this report. Members of the Emerging Technologies service also have access to the service's upcoming research for the year ahead, presentations, analyst access, and other membership benefits.

For more information and media inquiries, please call Mercator Advisory Group's main line: 1-781-419-1700, send e-mail to info@mercatoradvisorygroup.com.

For free industry news, opinions, research, company information and more visit us at http://www.PaymentsJournal.com.

Follow us on Twitter @ http://twitter.com/MercatorAdvisor.

About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.

Media Contact

Karen Yetter, Mercator Advisory Group, 781-419-1700, kyetter@mercatoradvisorygroup.com

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