Winning the Next Round in the Game for Electronic Wallets
It’s not just about payments
The ever changing marketplace of financial services is witnessing an emerging competition between banks and e-commerce platforms to provide fundamental commerce services to consumers. From 2002-2007, the e-commerce platforms, which introduced electronic wallets, tripled their share of U.S. online payments while traditional payment companies incurred losses.
Does this indicate the potential replacement of existing banks by e-commerce platforms in providing these services to consumers? Or can the traditional payment companies fight back and reclaim their leadership in this area?
The Deloitte Center for Banking Solution’s recent publication, Winning the next round in the game for electronic wallets, addresses this issue by discussing the trends and challenges in the online payment industry and suggesting ways how financial institutions can gain competitive advantage. Read the full report to understand how financial institutions can re-establish their value and enhance their relevance in the eyes of consumers and merchants.