In an interview, PA’s Ted Bissell, mobile payments expert, discusses digital wallets and Google Wallet’s call to community banks and credit unions to climb aboard the Google Wallet platform for free.
Ted says a key question facing the financial institutions on whether or not to join is to ask: "Do you believe you will attract a segment of early adopters to your institution by getting into Google Wallet?"
Ted observes that there has to be a good reason to make the effort to partner with Google Wallet. He notes that it probably won't be the fee income that comes from the alliance, because Google Wallet is still poorly represented at retail. But, he suggests that for the right financial institution – in the right community – having Google Wallet just might bring in new customers to make it worthwhile.
However, Ted explains that there is a cost to the “free” service Google is offering, probably the biggest question of all: "Will your brand be subsumed by Google Wallet?" This is, as Ted succinctly points out, the risk that customers may confuse the financial institution brand identity and come to identify with being Google Wallet customers.
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