The RIB and the plastic CB seem more and more to belong to the past.
To meet our ever-increasing need for immediacy and simplicity, many innovative payment methods have emerged for several years, such as wallets, in other words electronic wallets.
A trivialized solution
Think it's a complex insider-only tool?
Far from there !
Without knowing it, you probably use one, or even several, on a daily basis.
Indeed, these solutions make it possible to pay online on an e-commerce site or in-store, or even to make a money transfer by calling on a trusted third party.
The latter will then "encapsulate a payment instrument such as CB or bank transfer, or an internal transfer between users and even a loyalty card, in order to facilitate your operations", explains Nicolas Miart, director of consulting at Galitt, a company specializing in means of payment for professionals.
Just mention the name of PayPal, the first historically known wallet created in the early 2000s, to better understand what it is.
However, since then, this market has been widely democratized.
A plurality of uses
In the very large family of wallets, the most widespread are the "X Pay" which are Apple Pay (more than 50% market share according to Statista Global Consumer Survey), Google Pay (28%) and the most marginal Samsung Pay (14%).
It is therefore here the operating system of your smartphone which allows you to encapsulate your bank card - in other words to save its codes - to make your purchases online or in stores contactless thanks to NFC technology or using a QR Code.
The objective: you avoid taking out your credit card at each payment.
Peer-to-peer wallets
intend, for their part, to simplify your money transfers.
And Nicolas Miart explains: "Rather than wasting time filling in the recipient's bank account details (RIB) and waiting for it to be taken into account by your bank in order to be able to make a transfer, these apps only require a phone number or email to pay someone.
The Lydia application has been particularly successful in this niche.
Several brands have also created merchant wallets in order to streamline the purchasing experience of their customers.
This is the case at least for any e-commerce that offers you to save your bank details.
Going further, Carrefour and Casino have each developed their own application (Carrefour Pay and Casino Max) to encapsulate your credit card,
Blurred borders
While free electrons like PayPal or Lyf Pay blur borders by positioning themselves both on purchases and payments between friends, French banks created Paylib, their own payment application, in 2010. And like interbank tools that are a hit, such as Bizum in Spain, iDEAL in the Netherlands or Vipps in Norway, the hexagonal solution is gaining in popularity since 26% of smartphone payment enthusiasts have declared having used Paylib over the last twelve months, according to Statista Global Consumer Survey 2021.
Some, however, are already looking to the bigger picture, since some fifteen Member State banks are working on a European initiative for payments which could, among other things, give birth to a
pan-European wallet.
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Effective tracking
If the development of wallets aims above all to simplify your operations by eliminating the friction observed in the purchase process, it is also a very good way to collect valuable information on your needs and desires.
“You have to be aware that from the moment you let a third party mediate between you and a merchant, you give him access to knowledge of what you are buying,” warns the head of Galitt.
“So the question is whether you want Google, Apple or any other wallet to have this information.
Your payment data is indeed a wealth of information about your consumption habits.
Money
smartphone
Technology
Consumption
Economy
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