Banks banking on mobile payments

There are many banks looking into the mobile payments space.

Due to them already having a substantial market presence and customer base, they have one advantage over start-ups. Banks are very willing to use this to their advantage.

The BBVA Wallet in Spain has recorded over 850,000 downloads since 2013 and received positive acclaim from customers. According to BBVA, it is the most used bank-issued mobile wallet in Spain.

In 2015, six Polish banks introduced Blik, a mobile payment service. It allows customers to make in-store and online payments, withdraw cash from ATMs and make P2P fund transfers through mobile devices. Approved by the National Bank of Poland, the service is expected to reach 60-70% of consumers in Poland.

Chase announced the development of the Chase Pay wallet in October 2015, set for launch in 2016. Chase Pay will use QR codes for in-store payments, making the service cheaper and easier to adopt for merchants. There is also NFC functionality in the app. Chase has around 94 million card accounts in the US, making it a formidable competitor for newer solutions.