TOPICS SUPPLIERS PROJECT HELP WHITE PAPERS VIDEOS WEBINARS EVENTS MORE ATM & Mobile Innovation Summit addresses mobile wallet dilemma Sept. 15, 2014 | by Will Hernandez Consumers face a mobile wallet dilemma. Depending on which estimates you go by, there are hundreds of mobile wallets on the marketplace. Consumers interested in using a mobile wallet must make a choice about which products work best for them, but the decision-making process itself could hamper widespread adoption in the future. "We're exposed to making decision to which wallet we want, which cards we want to use in the them and how to prioritize all of it," John MacAllister, principal at consulting firm Dorado Industries, told attendees Thursday during a panel discussion at the ATM & Mobile Innovation Summit in Washington, D.C. "It's a nightmare for the consuming public. If you present them with too many choices, they won't make a decision at all." Whether Apple can change this problem with its newly announced Apple Pay solution is a matter of debate. The payments industry has asked again and again whether Apple announced anything truly innovative last week. Regardless of the answer, it will take time to determine how success is defined with Apple Pay as it joins the crowded field of players. MacAllister believes a market is considered stable when there are three dominant companies in what he described as the inner circle of any given industry. No such companies exist with mobile wallets. This situation is also causing a problem for banks that want to add a payments feature to their existing mobile banking apps. "If the banks can't make up their minds with mobile [wallets], I don't know how we expect consumers to do the same," MacAllister said. A lack of interoperability and the demand for exclusivity with mobile wallets are also problems, he said. The Merchant Customer Exchange consortium requires merchants to be exclusive partners in mobile payments system called CurrentC, which is slated for introduction next year. Walmart, the largest of some 50 MCX merchants, has said that it will not accept Apple Pay. "This whole notion of exclusivity comes at a very high price," MacAllister said. "There has to be interoperability in payments. Amazon and Google have to accept the fact that people will want to use Apple Pay." photo courtesy of Karlis Dambrans. Topics: ATM & Mobile Banking , ATM & Mobile Innovation Summit , Bank / Credit Union , Transaction Processing Will Hernandez / Will Hernandez has 14 years of experience ranging from newspapers to wire services and trade publications. Before becoming Editor of MobilePaymentsToday.com, he spent two years as the content manager for PaymentsJournal.com, a leading payments industry news aggregator and information hub published by Mercator Advisory Group. Will spent four years covering the payments industry as an associate editor for multiple publications in SourceMedia's Payments Group based in Chicago. Follow @MobilePayToday Related Content Screening near you: Cash will fly! Photo review: The 2014 ATM & Mobile Summit ATM & Mobile Innovation Summit addresses mobile wallet dilemma In the US, it's a slow road to faster payments Latest Content New guide caters to restaurateurs, retailers looking to boost income with ATMs Improving the ATM user experience in an increasingly mobile world 6 ATM anti-fraud steps for small FIs The ATM business isn’t an ATM comments powered by Disqus Subscribe Facebook Google Plus Twitter LinkedIn RSS TRENDING Stories Topics Apple at the ATM: Will Apple Pay change the conversation about contactless cash transactions? With 56M cards compromised, Home Depot data breach tops Target's ATM & Mobile Innovation Summit addresses mobile wallet dilemma For the self-service branch, the future is now Wausau, Cummins Allison partner on scanner solution for cash and check capture WHITE PAPERS Most Popular Recently Added Infographic: ATM Skimming: Modern-Day Bank Robbery 2014 ATM Software Trends and Analysis Bulk Coin Recycler - BCR 206 Money Controls Video Teller Machines (VTMs) as a Bank Branch Alternative Three Benefits of Investing in Cash Recycling STRATEGIC PARTNERS NEWSLETTERS Subscribe to receive the latest news and special offers. ATM Marketplace - News Alerts Church Central - News Alerts Digital Signage Today - News Alerts Fast Casual - News Alerts Kiosk Marketplace - News Alerts Mobile Payments Today - News Alerts Pizza Marketplace - News Alerts QSRWeb - News Alerts Retail Customer Experience - News Alerts SelfServiceWorld - News Alerts Subscribe! HELP About Us Advertise Contact Us Editorial Policy Privacy Policy Site Map FOLLOW US Follow Us Like Us Follow Us Add Us RSS Visit Other Networld Media Group Sites: Select a site ATM Marketplace Church Central Digital Signage Today Fast Casual Kiosk Marketplace Mobile Payments Today Pizza Marketplace QSRWeb Retail Customer Experience SelfServiceWorld © 2014 Networld Media Group All rights reserved.