The digital wallet has been anointed by many as the future of payments. In the present, however, virtual-pay apps remain largely untouched and misunderstood.
Only 51 percent of U.S. consumers are even aware of digital payment providers other than PayPal, and a teeny-tiny percentage of people -- 12 percent spanning all brands -- have actually used applications such as Google Wallet, MasterCard PayPass Wallet, or Square Wallet, according to a new study from analytics firm comScore.
comScore analyzed data from a panel of 1 million U.S. consumers and two separate surveys of U.S. Internet users in November 2012 to arrive at its conclusions. For purposes of the study, the firm defined the digital wallet as an entity that stores a virtual copy of wallet content for use in online or offline transactions. The full report is available for purchase, but CNET obtained a copy from comScore for review.
(Credit: comScore)
"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," comScore Payments Practice Leader Andrea Jacobs said.
Should the digital wallet find a foothold with consumers, it will be PayPal's market to lose. Seventy-t... [Read more]
by Jennifer Van Grove via CNET
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