Industry News

Three cheers for MasterCard’s five rules for digital wallets

The infographic we published last week demystifying NFC, BLE and QR isn’t the only such visual tool currently making the rounds in the mobile payments space.

mastercard-infographicEarlier this month MasterCard released an infographic outlining what it called “the five must-haves for the ideal digital wallet.”

While anyone involved in mobile payments – which, in the future, will mean essentially everyone – should take the time to read the graphic and the accompanying article, here is a summary of what they see as the key traits for the perfect digital wallet:

  1. It needs to be safe and secure.
  2. It needs to be open and able to work anywhere, meaning on any device and in any location.
  3. It needs to do more than just do payments, by, for example, redeeming coupons.
  4. It should never deny you rewards, meaning that any points you would earn using a card outside of the digital wallet you should earn using the wallet as well.
  5. It needs to be simple and easy to use.

While the list might seem unremarkable, a surprising number of players in the mobile payments space seem determined to deny at least one of the five “commandments.”

Not so for leading mobile payments solutions developer Cellum, which has created wallets in partnership with a number of top institutions around the world – not least MasterCard.

“We fully share MasterCard’s idea of what makes an ideal wallet, and have been working to make this ideal a reality ever since we began development of MasterCard Mobile in Central-Eastern Europe,” said Cellum CEO Dr. János Kóka.

Click on the image above for a direct link to several sizes of MasterCard’s infographic, and click here for more information on Cellum’s expertise in building digital wallets.