Digital wallets have a long way to go in building consumer awareness
TweetFollow Us on Twitter

Digital wallets have a long way to go in building consumer awareness

ComScore (www.comscore.com), a company that "measures the digital world," has released the "Digital Wallet Road Map 2013," a study that 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% 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," says 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 one 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.

Consumers are receptive to digital wallets, but require more education of the benefits

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 one in two consumers.

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% in terms of demonstrated level of understanding.

Security remains a top concern that can be addressed more clearly by wallet marketers

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. While 93% of consumers would prefer to use a digital wallet that has to be unlocked before use, an average of just 57% of respondents across the brands studied realized -- after having reviewed the digital wallet website -- that this locking feature was available.

Some digital wallet providers were more successful than others in communicating the availability of this feature, with 71% awareness among Lemon website visitors versus 42% among LevelUp website visitors. The ability to improve communications of features addressing consumer concerns, such as security, could remove an important hurdle to adoption.

"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," adds 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."

The Digital Wallet Road Map 2013 is a report based on comScore’s research panel of one million U.S. consumers and attitudinal insights gained from two comScore surveys of over 2,000 U.S. online consumers, each conducted in November 2012. For more info go to http://www.comscore.com/digitalwallet2013 .

 

Community Search:
MacTech Search:

Software Updates via MacUpdate

How to be a star in Britney Spears: Amer...
If you've ever wanted to be a star, baby, then you've probably already checked out Britney Spears: American Dream and are happily making your way up the charts. But fame doesn't come easy, and everyone needs a helping hand sometimes. So we've got... | Read more »
AppSpy is hiring a part time Staff Write...
| Read more »
How to save lives in ER Surgery Simulato...
A serious earthquake has struck a nearby town in ER Surgery Simulator - Emergency Doctor, and it’s up to you to save the victims. [Read more] | Read more »
Tips and tricks to get a high score in G...
Ketchapp Games loves the endless runner genre. And its newest game, Gravity Switch, is no exception. Gravity Switch takes a fresh approach, though, as you move a block, suspended in zero gravity, safely through a maze of shifting pillars. If the... | Read more »
Tips and tricks to get a high score in S...
Smash Fu is a high-paced tile-tapping game that requires quick reflexes and some practice. You’ll have to smash bricks with the skill of a seasoned black belt to get a high score. To raise the stakes a bit, you’ll also have to avoid tapping any... | Read more »
How to keep the ball rolling in Dropple
If you're new to the minimalist puzzler Dropple, you may find yourself struggling to make it beyond the first couple of steps before your ball falls into the endless abyss below. [Read more] | Read more »
How not to die in Traffic Rider
Traffic Rider, an Out Run-esque game in which your ride a motorcycle recklessly into trffic, might not seem particularly complicated. [Read more] | Read more »
How to adjust your chess game for Regici...
At first glance you might likenWarhammer 40,000: Regicide to Chess - and you'd be right. Regicideputs its own spin on the classic board game though, so some of your tried and true methods may not work quite so well here. [Read more] | Read more »
Rush Rally 2 (Games)
Rush Rally 2 1.0 Device: iOS Universal Category: Games Price: $3.99, Version: 1.0 (iTunes) Description: -- Rush Rally 2 is the most authentic and thrilling rally simulation on your mobile, all running at an astounding 60fps. Console... | Read more »
Warhammer 40000: Regicide (Games)
Warhammer 40000: Regicide 1.0 Device: iOS Universal Category: Games Price: $3.99, Version: 1.0 (iTunes) Description: ++NOTE: Optimized for with iPad Air, iPad mini 2, iPhone 5 and up. ++ "“This game has no right to be as good as it... | Read more »

Price Scanner via MacPrices.net

Textkraft Professional Becomes A Mobile Produ...
The new update 4.1 of Textkraft Professional for the iPad comes with many new and updated features that will be particularly of interest to self-publishers of e-books. Highlights include import and... Read more
SnipNotes 2.0 – Intelligent note-taking for i...
Indie software developer Felix Lisczyk has announced the release and immediate availability of SnipNotes 2.0, the next major version of his productivity app for iOS devices and Apple Watch.... Read more
Pitch Clock – The Entrepreneur’s Wingman Laun...
Grand Rapids, Michigan based Skunk Tank has announced the release and immediate availability of Pitch Clock – The Entrepreneur’s Wingman 1.1, the company’s new business app available exclusively on... Read more
13-inch 2.9GHz Retina MacBook Pro on sale for...
B&H Photo has the 13″ 2.9GHz Retina MacBook Pro (model #MF841LL/A) on sale for $1599 including free shipping plus NY tax only. Their price is $200 off MSRP. Amazon also has the 13″ 3.9GHz Retina... Read more
Apple price trackers, updated continuously
Scan our Apple Price Trackers for the latest information on sales, bundles, and availability on systems from Apple’s authorized internet/catalog resellers. We update the trackers continuously: - 15″... Read more
Clearance 12-inch Retina MacBooks available s...
B&H Photo has dropped prices on leftover 2015 12″ Retina MacBooks with models now available starting at $999. Shipping is free, and B&H charges NY tax only: - 12″ 1.1GHz Gray Retina MacBook... Read more
Check Apple prices on any device with the iTr...
MacPrices is proud to offer readers a free iOS app (iPhones, iPads, & iPod touch) and Android app (Google Play and Amazon App Store) called iTracx, which allows you to glance at today’s lowest... Read more
New 2016 13-inch 256GB MacBook Air on sale fo...
B&H Photo has the new 13″ 1.6GHz/256GB MacBook Air (model MMGG2LL/A) on sale for $1149 including free shipping plus NY sales tax only. Their price is $50 off MSRP. Amazon has the 13″ 1.6GHz/256GB... Read more
Apple refurbished iPad Air 2s available start...
Apple has Certified Refurbished iPad Air 2 available starting at $339. Apple’s one-year warranty is included with each model, and shipping is free: - 128GB Wi-Fi iPad Air 2: $499 - 64GB Wi-Fi iPad... Read more
Accenture and Vatican Opera Romana Pellegrina...
Accenture has announced that the official mobile application for the Extraordinary Jubilee Year of Mercy declared by Pope Francis has been built and launched by Accenture Mobility, part of Accenture... Read more

Jobs Board

ISCS *Apple* ID Site Support Engineer - APP...
…position, we are looking for an individual who has experience supporting customers with Apple ID issues and enjoys this area of support. This person should be Read more
Automotive Sales Consultant - Apple Ford Linc...
…you. The best candidates are smart, technologically savvy and are customer focused. Apple Ford Lincoln Apple Valley is different, because: $30,000 annual salary Read more
*Apple* Support Technician II - Worldventure...
…global, fast growing member based travel company, is currently sourcing for an Apple Support Technician II to be based in our Plano headquarters. WorldVentures is Read more
Restaurant Manager (Neighborhood Captain) - A...
…in every aspect of daily operation. WHY YOU'LL LIKE IT: You'll be the Big Apple . You'll solve problems. You'll get to show your ability to handle the stress and Read more
Editor, *Apple* News - APPLE (United States...
Job Summary The Apple News team is looking for a passionate...a news organization. Description * Program Top Stories in Apple News * Post on Apple News Read more
All contents are Copyright 1984-2011 by Xplain Corporation. All rights reserved. Theme designed by Icreon.