Consumers have come to rely on their mobile devices for almost everything. From checking email and bank account balances, to keeping up with family and friends via. social apps, mobile devices have become a digital extension of our day-to-day. But despite our reliance on our smartphones and devices, there’s still one aspect of the digital lifestyle that is lacking a true mobile user experience – digital payments.
Only one in 10 consumers claim to use a mobile payment option when it’s made available at point of sale, according to a February 2015 study from Placeable. And more than 42 percent of Americans have yet to make a single purchase on their smartphone using a mobile wallet. When it comes to widespread adoption, mobile payments continue to be held back for several reasons, mainly, by user experience.
While mobile wallets, online banking and point of sale technology has sped up and simplified the payments process – especially among today’s shoppers – there’s a significant gap in mobile wallet user experience. That’s because for most consumers, the ideal payments experience is defined by three key factors – speed, convenience, and the ability to act on their own terms. But for mobile wallets, this technology is still not a truly ‘mobile’ experience.
Despite their name, mobile wallets still require consumers to carry a wallet or physical driver’s license to confirm their identities at checkout. When a valid form of ID is required to make a purchase, popular mobile wallet solutions such as Apple and Samsung Pay continue to fall short by lacking the ability for consumers to upload identity credentials to their platforms. And consumers are left having to reach for their wallets to find a physical credential to verify themselves at point of sale.
But thanks to emerging technologies in the FinTech space, innovations like digital credentials are enabling consumers to verify their identities at purchase without needing their physical wallets and IDs on hand. Seamlessly complimenting a person’s banking, credit, and other payment information, digital credentials eliminate the need to carry physical forms of ID while shopping in store. Instead, consumers can quickly and easily switch between mobile wallet or banking apps, to a digital credential platform – turning the payments process entirely mobile. By presenting a digital credential at point of sale, consumer are able to keep the entire payments process mobile.
Greater consistency among mobile payment technologies, such as the introduction of digital credentials in the verification process, will continue to bridge the divide among mobile user experience. At Credntia we are working to help bridge the gap between user experience and mobile wallet adoption by finally making it possible for users to make that seamless switch between mobile wallet or banking app, to our app – completing their transaction all with a single device. With digital access to a driver’s license and other credentials, consumers will no longer have to worry about bringing their physical wallets along on a shopping trip. And as consumers become more aware and accepting of these emerging technologies, a completely digital mobile experience at point of sale is becoming a reality.
About the Author
Cody Winton is CEO and Co-founder of Credntia, the world’s leading digital identity management platform. An entrepreneur, developer, and a social leader in the identity management space, Cody leads the company’s business in personal identity management systems and its culture of empowering people to be who they are in the world. To learn more, visit www.credntia.com.