PayPal Dominates Digital Wallet Market
A digital wallet is simply a service or app that allow you store your payment information, such as credit or debit card details on your computer, phone, iPad or tablet. These service apps allow you to make purchases without having to sign in to enter your information each time. If you stopped in Starbucks lately, you have probably noticed people waving their iPhone in front of the scanner.
According to a new study by comScore, the reason these services are not booming as first predicted is… not many people have heard of them!
According to the study… Only 51 percent of the responding consumers have ever heard of a digital payment service other than PayPal, and, to make things worse, only 12 percent of consumers have ever used one. eBay’s payment service PayPal is currently miles ahead of the competition in terms of consumer awareness and usage and it seems unlikely that any of the competing services can close that gap anytime soon. Starting off as a service to facilitate payments on eBay’s auction platform, PayPal has reached wide adoption among e-retailers and is currently pushing into physical retail as well.
I am familiar with the first three services, but not the last four. I use PayPal almost daily for both personal and blog transactions. I haven’t set up my credit card to pay for my coffee yet…I still use the Gold Starbucks Card.
Today’s Statista chart illustrates consumer awareness and usage of digital wallet services in the United States.
What do you think about Digital Wallets? Will they be the norm of the future? How secure do you feel your information is stored in their systems? A lot to think about….
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I use my iphone to purchase my coffee at Starbucks. It was simple to set up. I only heard about it because I saw someone do it and being the shy person I am I asked them what they just did. I am also a PayPal user. As for the others I’ve heard of Google Wallet but never used it,
I use Paypal too. I love it when online businesses use paypal – it’s just easier and if I don’t have the available funds, money comes right out of my bank account. So far, years later, I’ve have great dealings with PP.
I also us PayPal a lot and think someday we’ll all have an account that credits are depoited and we just wave a card over the reader.
I use Ebay a lot so I love Paypal and use it constantly.