| By Jim Bruene on September 2, 2008 12:29 PM | Comments (4) |
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.
Most Recent Posts:
- Citibank, Microsoft Join Forces with Bundle, a Personal Finance Site with a Data Bent - Jan 29, 2010
- FinovateSpring's Lowest Ticket Prices Expire in 3 Days! - Jan 27, 2010
- What Does the New Apple iPad Mean for Banking? - Jan 27, 2010
The name "eWallet" is misleading. A "wallet's" primary purpose isn't storing phone numbers and other data. It's for storing money. Photos and whatnot are secondary.
The name's problems are compounded when/if a financial institution tries to offer it. Simply put, a financial "eWallet" should let me store money. If it does other stuff, great.
This service won't take off until either the name changes or you can store money in your "eWallet." It's too confusing — too much explanation on the presenter's part, and too much deciphering on the recipient's part.
A more appropriate name would be eSafe, eSticky, eVault, eStash, etc.
There are two others in this category that potentially are even more useful, in that they synchronise with the desktop. I have approximately 250 different passwords, accounts, cards, and the like to keep track of, so entering these into the iPhone manually is impractical.
These two apps are the venerable and very multi-mobile-platform SplashID (syncs with both Windows and Mac) and 1Password (syncs with Mac only). I understand that ilium's eWallet will offer syncing capability later this year, but Windows-only.
One nice thing about the 1Password iPhone application is that it can start an instance of mobile Safari from within itself... and in this case it offers automatic form filling, something that I don't think any other wallet app does at the moment. (I'm in the middle of writing a review of these two apps based on my personal needs for them.)
Been using eWallet for a long time and love that it made it to the iPhone. I'm looking forward to the ability to synch with the desktop. It's nice to have a central place to keep all my important information. If I happen to lose my wallet, I have all the card numbers and phone numbers I can call to cancel the cards in one place (assuming I don't lose my phone at the same time).
Hi, Denis from Memengo here.
Memengo Wallet syncs with cloud, so you can edit your data using a web browser and use copy/paste etc.
If there are any questions, we actively answer emails submitted from our web site.