NFC TIMES Exclusive Insight – Major Dutch bank ABN Amro will discontinue its NFC-enabled mobile wallet in January, a little more than three years after launching the app in late 2016, with the bank acknowledging that few customers use the service.
It follows a series of other bank-run wallet flops globally, and provides more evidence that banks had it wrong when they believed that consumers would find comfort in the added trust that financial institutions supposedly offer when it came to making mobile payments.
Among the biggest bank wallet failures to date was JPMorgan Chase’s decision to close Chase Payearlier this year for in-store purchases. It followed decisions by other major U.S. issuers, Wells Fargo, Capital One and Citi to end their mobile wallets. Chase and Citi continue to offer some types of online services with their wallets, such as enabling users to pay with points or make funds transfers.