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Jun 28, 2016

Today's Mobile Wallet

Michel Poignant

Paytoo's CEO, Michel Poignant shares his thoughts on the the mobile wallet as a stand alone wallet, the convenience of the different technologies and the deceptive service provided by mobile wallets.

People are confusing what a mobile wallet is and have now assigned the meaning to a mobile wallet to be the used to store a card and pay a merchant. What we define as a real need for the consumer is to have a stored value account that can be managed exclusively from your phone or from a phone and offering all of the services that customer like the unbaked do not have access to today.

There are 3 type of financial services in the us: a bank, a prepaid card and cash. There is no other alternative to bank and the consumer wants to have an alternative to a bank. Every study is showing that consumers are looking to use something else other than a bank. Pre paid cards don't fix the problem and do not provide the services requested by customers. So if you consider one of the emerging solutions that we are claiming to offer, manage and be the advocate of an alternative financial solution, a real "a real mobile wallet" such as Apple Pay, Sam Pay, Google Pay, or any other pay service provided by a bank or financial solution it proves to not provide anything new or anything that does not exist today.  These wallets are just a pass through of payment, involving different partners that want to have a piece of this business. They don't help the customer or merchant they just increase a complex situation by adding a piece just to gain a profit. We consider that this is not the right approach for the customer and for the industry. The banking system is broken, most of the little banks with 3/4 million dollar assets will disappear in the next 5 year because of acquisition by bigger banks.

The services they are providing are not the services that the customer is requesting so the  need for an alternative bank solution is not meet. We need to have the fin tech companies who have a different approach and vision of the industry to come on board and help to provide a new way, new process, new technology, and new solutions that will finally meet the needs of the customer. If we compare  music to the fiance, the evolution of the music was to come from a physical product to a full streaming product.  All of the mentality all of the technology, everything changed to adapted to what is now becoming now the trending for the music. In fiance this has not yet happened, banks are still opening branches 24 hrs a day thinking that this will retain existing customers and attract new customers. They are providing a mobile wallet in order to compete with the 3 big guys: Apple, Samsung google just to get a piece of the payment space, they don't really help the consumer.  In every study and survey, consumers are telling us they are not happy by what they find in the market today. So we think it is time for the professionals of the industry to stop building walls  to protect their business but to change their minds and say "Ok what does the consumer want and what do we need to do to fit the customer's requirements and needs?"


About author

Michel Poignant

Michel Poignant

Michel Poignant is Founder and Chief Executive Officer of Paytoo Corp., and its group of subsidiaries. Visit Paytoo onilne at or at the upcoming Prepaid Press Expo (Aug. 9-10, Planet Hollywood, Las Vegas) in Booth 510. 

Michel be also participating in the discussion, "Mobile and the Underbanked," August 9, 10:45 am - 11:30 am - a session you won't want to miss.  Register today on 


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