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.
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….