Since the July opening of Apple’s App Store, we’ve been tracking the apps in the Finance category (see previous coverage here). But there are also several apps in the Productivity category of interest to financial institutions: the eWallets.
There are two wallets available in the U.S. iTunes store:
- eWallet from Ilium Software: #46 in popularity in Productivity with a cost of $9.95 and rated 3.5 stars (out of 5) across 143 reviews (see inset)
- Memengo Wallet: #48 in Productivity with a $0.99 cost and rated 4 stars across 43 reviews (website)
Web-based eWallets never took off because of security concerns and because they provided only marginal improvements in desktop productivity. However, a mobile version has more utility owing to sticky notes with password reminders and credit card info, helpful to users away from their desks.
How it works
Storage of usernames and passwords for websites is the primary use of eWallet, but it also has a Finance category (see inset above) where users can store credit card numbers and contact info (see screenshots below).
That info is helpful when using a card to make a purchase online or through the mobile phone. It’s also a great place to store the info in case the card itself is lost or stolen.
Financial institution opportunities
While these apps haven’t gained an overwhelming following, a financial institution could offer a free version that highlights its own card offerings while providing storage space for other card numbers. That way, you get your logo on the iPhone instead of Mint, Wesabe, or some other financial institution.
The bank-branded eWallet could also include a financial calculator and direct connection to online banking.
Note:
1. For more info see our Online Banking Repot on Mobile Money & Payments.