Traditional financial institutions will need to focus on convenience by "offering services to consumers where the benefits outweigh the barriers to use," Wannemacher suggested.
Banks may now have the advantage because they have proven security measures and solid reputations, but as mobile payment offerings continue to proliferate, that could change quickly with challengers as powerful as eBay, Google and Apple.
While "the mobile wallet space is financial institutions' to lose," according to Wannemacher, "the stakes are high, so banks would be foolish to cede ground to other brands."
And Olynick emphasized that the tech companies offering financial products are formidable challengers.
"Some of these players are awfully big and they have deep pockets and they have the ability to solve the security problem as well," he said.
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