Helsinki, Finland — 13 February 2025 — Mobey Forum has released a new industry article, ‘Beyond Apple Pay: Opportunities for Banks in the Wallet Space’, exploring opportunities for banks in the evolving digital wallet landscape. The article, derived from a roundtable discussion with Mobey Forum’s member banks and solution providers, examines the implications of Apple’s decision to open NFC access to third-party developers and its broader impact on banks’ wallet strategies. With this change, banks now have the ability to develop their own contactless payment solutions for iPhones, reshaping the digital wallet landscape.
The article highlights that single-bank wallets face significant challenges, and that a collaborative approach between banks is likely to be the most viable way forward. The co-lead of the roundtable discussion, David Gamboa (Erste Group) sees the power of collaboration as key:
“Success in the wallet space won’t come from individual banks trying to compete with Apple Pay, but from a shared vision. By working together, banks can build interoperable, and innovative solutions that integrate payments with broader financial services, creating real value for customers while maintaining control over the customer relationship.”
By focusing on collaborative models and expanded service offerings, banks can create digital wallets that are more than just a payment tool.
Competing with Apple Pay on payments alone is not a sustainable strategy. To succeed, bank wallets must provide more than just contactless payments by integrating additional financial and identity-related services. The article identifies key differentiators for a successful bank wallet, including contextualised payments that adapt to user preferences and transaction environments, digital identity services that enhance security and user convenience, and tokenised assets such as credentials and secure digital documents, extending functionality beyond simple transactions.
Kristian Sørensen (IN Groupe), who also co-led the roundtable, emphasised the strategic potential of digital identity for banks, stating:
“The real opportunity for banks goes beyond payments—digital identity and tokenised assets hold far greater value than a simple tokenised card number. With NFC access now open on iPhones, banks can leverage their position as trusted custodians to offer secure, identity-driven interactions that enhance both security and user convenience.”
Collaboration among banks is becoming increasingly vital to drive innovation and customer value. “Mobey Forum exists to bring banks together to tackle the most pressing challenges in digital finance. With NFC access opening new possibilities, the discussion around bank-led wallets has never been more important, and our role is to facilitate the exchange of insights that help banks navigate this evolving landscape,” said Elina Mattila, Executive Director of Mobey Forum, highlighting Mobey Forum’s role in fostering industry collaboration.
The full article, ‘Beyond Apple Pay: Opportunities for Banks in the Wallet Space’, is available for download on the Mobey Forum website: https://mobeyforum.org/beyond-apple-pay-mobey-forum-article/.