Whether one day we will be paying with our mobile is no longer a question. All kinds of market forces are emerging to on-board merchants, users, services providers, etc. The question has now become ‘how?’.
Two main approaches are prevailing at the moment:
1. The kings of eCommerce (Apple, Google, Amazon, Paypal, Facebook, etc.) luring service providers into embracing their respective “closed-loop” systems.
2. Banks and other service providers launching their own stand-alone apps that they call their “Wallet”.
At TORO, we believe these two approaches do not take into account the End-User because they both reflect their own interests.
There is a better, more scalable, flexible and logical approach. Instead of a closed-loop Wallet (e.g. payments accepted only if the merchant accepts the Paypal Wallet) or a vertical Wallet (one Wallet per service provider; e.g.: a Starbucks Wallet, a Walmart Wallet, etc.), we believe that the user simply needs a “User Wallet”.
This “User Wallet” is a neutral Wallet that belongs to the User (not to Paypal or to Crédit Suisse), in which she/he can organize and classify all her/his cards and services. A Wallet that replaces the leather Wallet she/he today carries around, with great additional built-in benefits: open-loop (Visa-, MasterCard-certified, to enable payments at all merchants locations, in all countries), portability across all handsets, across all MNOs, open to all service providers (banks, retailers, loyalty, marketing, transport, access control, Identity, etc.), total privacy (!) and a “Wallet Recovery Guarantee”.
This is what we do at TORO.
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