PayPal has been pinpointed as the most trusted brand for mobile wallets according to the "2013 Gang of Five: Apple, Google, Amazon, Facebook, and PayPal-Ebay, Threat of the Mobile Wallet Disruptors" survey, by Javelin Strategy and Research, based in Pleasanton, Calif.
Most consumers, 43%, are more likely to use a mobile wallet by their respective financial institutions. PayPal came in second with 34% of respondents and has the highest gains in consumer perceptions over the past year. About 25% have chosen MasterCard MasterPass, while 24% have selected Google Wallets.
One implication is that “data, revenue, and relationships are all at stake, depending on whether wallets move to hide the funding source behind the wallet provider. The merchant-customer relationship is simply at risk,” according to the report.
However, only 24% of consumers feel PayPal is the most innovative. Apple remains as the most innovative brand, with 38%. Google comes in second with 32% and Amazon at third with 27%. About 25% believe Microsoft is the top innovator.
According to the report, all 5 brands went up between 5 to 10 perception points over the past year. Other brands remained flat of posted losses.
In terms of the top feature a mobile wallet must have, 63% have selected the ability to comparison-shop. Also, almost half of all smartphone or tablet owners said they would use their phone to make a purchase at the store of checkout. Additionally, one in five consumers are ready to adopt a mobile wallet in the next year, according to the Mobile Wallet Game Changers: A Glimpse into 2014’s Projected Winners and Losers survey by Javelin.
About 6,651 respondents were surveyed online in Jan. 2013 and another 3,285 consumers were surveyed online in July 2013. Executive among major competitors in the payment and wallet industry were also surveyed, according to the report.
Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received her B.A. in English and journalism from Rutgers University College of Arts and Sciences in ... View Full Bio