The competition just keeps heating up in the payment technology race as competitors to Apple Pay (NASDAQ: AAPL) and Google Wallet (NASDAQ: GOOG) introduce alternative solutions to address both security and convenience . Consumers can now choose from an all -in- one card that replaces all the cards in your wallet with the NXT-ID's Wocket Wallet (NASDAQ: NXTD) and Card and Stratos card that both recently shipped to consumers.
Apple Pay is now in Canada and apparently heading to Europe and in discussion in the UAE with banks. As Apple goes global and continues to expand market share, competition has to be as smart as the smart wallets they are selling. Other companies eyeing global growth in payment technology, apparently Wal-Mart Stores (NYSE: WMT) is aligning with Alibaba (NYSE: BABA) to roll out its Alipay mobile payment service in China.
At Google I/O May 28 - 29, in San Francisco, it is expected that Google Wallet and Android Pay will be showing off new features to go head - to head with Apple Pay and other competitors like Samsung Pay. As always, Google is one to watch for innovation! Read more at https://events.google.com/io2015/
Everyone is trying to differentiate their payment technology to consumers with companies like Coin, Plastc and Swyp also going for market share with their mobile app technologies but they are facing big competition.
A few are trying to break away from the attachment to smart phones; as not all consumers are on board with their all their credit card info being programmed on their phone. Security is still a driving concern.
NXT-ID, Inc. ( NASDAQ: NXTD; NXTDW ) has been stating from the beginning that they are separate from the phone, more secure with multi- factor biometric authentication and they can store more cards than most competitors. Another big advantage; the Wocket card can be used in an ATM.
Last week reported they reported new pricing for its Wocket smart. They said that from June 1st, it will be ending its promotional pricing and making the Wocket generally available for $229 via http://www.wocketwallet.com.
Laurence Savin, Head of Marketing said, "We've extended the opportunity to take advantage of our exclusive promotional pricing until the end of May. To get your wocket at this special price, submit your email at wocketwallet.com/invite and when we open the store on June 1, you'll receive a unique code that gives you the exclusive promotional price of $149.99."
Wocket® ( http://www.wocketwallet.com) is a smart wallet designed to protect your identity and replace all the cards in your wallet, with no smart phone or cloud required. Wocket® works anywhere credit cards are accepted and only works with your biometric stamp of approval.
So as the race heats up consumers can expect new companies and products to enter the space. Also the current companies will evolve their products especially in the US to meet the EMV challenges ahead.
At this point none of the products can do it all since the payment industry is so complex; consumers will choose what product best answers their needs for security and convenience overall.
According to Hexa Research, the key players in the global mobile wallet market are differentiated on the basis of their role in the market. The major stakeholders in the market include customers, merchants, intermediaries, payment network, financial institutions and mobile network operators. Some of the key players in the market include Paypal Inc., MasterCard, ISIS, Googe, First Data, BlackBerry, Apple Inc. and American Express Inc.
They also note Asia Pacific is expected to witness a lucrative growth over next six years owing to the rapidly increasing awareness about mobile wallet and online payment services and increasing smart phone usage in this region. Mobile wallet market is witnessing huge opportunities and a strong momentum in the newly emerging countries such as China and India.
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