Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
Study shows US consumers not aware of electronic payment options
Posted on 6-Feb-2013 09:42 | Filed under: News


comScore, Inc. has released the Digital Wallet Road Map 2013, a study which measures consumer awareness, perceptions and intent to use current digital wallet offerings. The study found that digital wallets, which store a virtual copy of the contents of a consumer’s physical wallet to facilitate online or offline retail transactions, only had awareness among 51 percent of U.S. consumers for wallets other than PayPal.

"Digital wallets represent an innovative technology that has not yet reached critical mass among consumers due to a variety of factors, including low awareness and a muddied understanding of their benefits," said Andrea Jacobs, comScore Payments Practice Leader. "This study delves deeply into the mindset of consumers with respect to their potential use of digital wallets, in addition to helping size the market opportunity. The study also provides guidance on how digital wallet providers, marketers, developers and retailers can contribute to growing adoption of this technology."

The study is based on a unique research design combining comScore’s opt-in panel of 1 million U.S. consumers and two separate surveys of more than 2,000 U.S. Internet users conducted in November 2012. To better account for the intent of consumers to use digital wallets, the study first removed the awareness gap that existed between users and prospects by introducing respondents to various digital wallet offerings first-hand.

The current digital wallet landscape remains fragmented among providers because of low consumer adoption outside of PayPal, with only 12 percent of consumers claiming to have used a digital wallet other than PayPal. However, study results indicated that the digital wallet market opportunity could eventually reach 1 in 2 consumers as consumers become more aware of the offerings and educated on their benefits.



One clear barrier to use of digital wallets is that the concept is often difficult to convey and prone to misinterpretation. Even after being asked to review the websites of particular digital wallets, respondents across all wallet brands still scored an average of just 45 percent in terms of demonstrated level of understanding.

The study revealed that security remains a top consumer concern, but that a significant portion of consumers are not aware of security features inherent in digital wallet usage.

"Low awareness, understanding of benefits and availability among retailers are among the key barriers to adoption of digital wallets. While these impediments may seem like a steep hill to climb, we have seen this story play out before in the financial services industry. There was a time when consumers were reluctant to use ATMs for similar reasons, and, today, look at how far we’ve come since the 1970s and 1980s," added Jacobs. "It would seem that the future is bright for digital wallets, but it will require deliberate execution of strategies such as sound marketing for this technology to realize its full potential. In order to win over consumers, wallet marketers, providers, developers and retailers must work together to address each of the aforementioned barriers."


More information: http://www.comscore.com/Insights/Presentation...






Trending now »

Hot discussions in our forums right now:

2019 Novel Coronavirus Covid-19 Discussion
Created by Batman, last reply by freitasm on 21-Sep-2020 21:47 (15004 replies)
Pages... 999 1000 1001


Auckland paralyzed by damaged bridge
Created by Batman, last reply by Batman on 21-Sep-2020 18:12 (48 replies)
Pages... 2 3 4


New Countdown Scan&Go
Created by freitasm, last reply by pom532 on 21-Sep-2020 21:19 (21 replies)
Pages... 2


Wagons. So hard to decide!
Created by ZombieJohn, last reply by sparkz25 on 21-Sep-2020 22:33 (13 replies)

Anyone downloaded iOS 14 yet ?
Created by Brunzy, last reply by JaseNZ on 19-Sep-2020 11:44 (40 replies)
Pages... 2 3


Apple's new product lineup - Today's announcement wrap-up
Created by Handsomedan, last reply by 703 on 21-Sep-2020 22:06 (71 replies)
Pages... 3 4 5


A wave goodbye
Created by Rikkitic, last reply by Eva888 on 21-Sep-2020 17:16 (23 replies)
Pages... 2


NZ Timber, where do you get yours?
Created by Hwale, last reply by neb on 20-Sep-2020 19:52 (22 replies)
Pages... 2