Mobile wallets have always had a chicken-and-egg problem: Why should merchants accept them if consumers don't use them, and why should consumers use them if merchants don't accept them? To solve this problem, it takes a village.
Norwegian banks have been keenly aware of — and concerned about — the prospect of mobile wallets developed in Silicon Valley affecting their own services. So much so that a group of banks has begun preparing to merge their payments systems into one platform and have it up and running by next August.
Three of Australia’s largest banks—Wespac, Commonwealth Bank of Australia and the National Australia Bank—have joined forces for a mobile wallet joint venture called Beem, with person-to-person payments as the first use case.