Slideshow 7 Ways Mobile Wallet Tech Is Being Reinvented

Published
  • April 01 2016, 10:26am EDT
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Mobile wallets and related technologies are starting to look very different. Whether they are absorbed into other mobile offerings or removed from the phone altogether, these systems are looking less and less like the old-fashioned billfolds they replace.

Selfies Taken Seriously

"Selfie" authentication — once considered so laughable a concept that it was treated by some as an April Fool's joke — is becoming a reality. MasterCard, Amazon and other big names are testing the concept, which takes advantage of the widespread availability of front-facing smartphone cameras.

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BMO and Biz Accounts

Biometric authentication is often associated with consumer payments such as the Apple Pay wallet, but BMO has other plans for the tech. It wants mobile fingerprint authentication to play a part in streamlining the way people make low-dollar business expenses.

Changing for China

With mobile, bigger isn't always better. The shrunken iPhone SE is part of Apple's strategy to build an Apple Pay user base in China, where it faces competition from Alipay, Tencent and Samsung.

Dash Gains Speed

Amazon's Dash Button is an odd concept; the company expects consumers to order a separate WiFi-connected button for each brand-name product they want to order instantly from Amazon. But it must have a following, since the e-commerce giant recently tripled the number of brands that support Dash.

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Ledge Leans on Venmo

The Venmo person-to-person payments app is empowering new business concepts, such as Ledge's approach to marketplace lending.

Pep Boys' Mobile Marketing

Pep Boys' mobile wallet strategy is more about marketing and relationship-building than it is about payments. Pep Boys transforms its mobile advertising into digital coupons that consumers can save for a later date and even revisit for updated offers.

Square's Maturing Loan Strategy

Square's credit offering, Square Capital, relies heavily on data Square gathers from users of its mobile point of sale tech. But the product is quickly growing beyond its roots as an alternative to merchant cash advances. By partnering with Celtic Bank, Square is able to offer more traditional loans.