What would drive Uber and Lyft to create their own mobile wallets?

Mobile Wallet
By Daniel Wolfe.

For companies like Uber and Lyft, which need the payment process to be as seamless and invisible as possible, Apple Pay might seem like an answer to their prayers. In fact, Apple Pay and rival mobile wallets fall very short of delivering what the two ride-sharing heavyweights need.

“There’s been a strategic error on the part of … the ‘Pays’ — whether it’s Android or Samsung or Apple — in some ways, in marketing the physical point of sale ‘Gee whiz, tap your phone’ aspect of the wallet, when in reality that’s not the thing that’s broken,” said Brian Crist, chief payments counsel for Uber Technologies, at SourceMedia’s annual PayThink conference taking place this week in Phoenix.

This is more than just a gripe that Crist wants resolved; Uber and Lyft had both indicated that they could take matters into their own hands to address the shortcomings of the current crop of mobile wallets.

Read more PaymentSources.

Be first to comment