The U.S. Payments Forum has released a new white paper meant to help merchants and issuers understand the key factors and considerations for developing a mobile or digital wallet strategy, according to a press release on the paper.

"For merchants and issuers, there are certain factors to consider when deciding if mobile and digital wallets fit into their business strategy, such as how it will impact the customer experience and what the value will be to their business," Randy Vanderhoof, director of the U.S. Payments Forum, said in the release. "This paper analyzes market trends and innovations in mobile and digital wallets, allowing for merchants and issuers to make informed decisions that will help to drive adoption of new payment technologies that ultimately improve the overall customer experience."

Created by the U.S. Payments Forum Mobile and Contactless Payments Working Committee, the white paper provides:

• An overview of different wallet models, technologies and security approaches.
• Lessons learned from wallet launches and experiments.
• Key considerations for merchants and issuers in developing a mobile wallet strategy, including factors such as fit with an overall business strategy, desired customer experience, costs compared with expected benefits, partnerships and technology.
• A discussion of several standards bodies and their work relating to mobile payment solutions.

The white paper is part of the U.S. Payments Forum's ongoing effort to explore opportunities and challenges associated with mobile and contactless payments in the U.S. market, and to provide guidance for stakeholders regarding the rapidly changing mobile and digital wallet landscape.