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Mobile Wallet Apps are beginning to hit Australian shores with MasterCard launching their MasterPass in August and Visa in talks with payment providers, promising a pre-Christmas launch. Australia is following in the footsteps of big global brands Apple and Google who launched mobile wallets Apple Passbook and Google Wallet overseas in the past year.MasterPass_on_Mobile_large_verge_medium_landscape

The mobile wallet enables consumers to pay for things in an easy and fast way using their smartphones rather than whipping out their wallets. The idea is of course to provide a convenient way for shoppers to organise their wallets and give them a simple way to track all of the items they usually carry around with them i.e. loyalty cards, tickets, boarding passes and gift cards.

New Zealand is also about to burst onto the scene, set to roll out their own version of the electronic wallet in 2014 and us Aussies are keeping very close tabs on our Kiwi neighbours.

Telecom Digital Ventures, the NZ Company behind the mobile wallet, are attempting to build on the current payment options that are already working overseas, wanting to include a transport card into the wallet further adding to its convenience.

Here’s a taste of their upcoming wallet

The primary challenges facing the success of mobile wallets are security fears and a lack of trust. People want reassurance that their information and details are being well protected and are not at risk. I, however have little doubt that in the next couple of years, companies will develop rock solid protections for their technologies and more and more people will jump onto the mobile wallet bandwagon.

What are your thoughts on the mobile wallet; does its convenience outweigh security concerns for you?