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 .

 
AAPL
$118.30
Apple Inc.
+1.83
MSFT
$47.80
Microsoft Corpora
-0.18
GOOG
$539.36
Google Inc.
+1.86

MacTech Search:
Community Search:

Software Updates via MacUpdate

ForeverSave 2.1.3 - Universal auto-save...
ForeverSave auto-saves all documents you're working on while simultaneously doing backup versioning in the background. Lost data can be quickly restored at any time. Losing data, caused by... Read more
Voila 3.8.1 - Capture, annotate, organiz...
Voila is a screen-capture, recording, and annotation tool that is a full-featured replacement for Mac's screen-capture and screen-recording capabilities. It has a large and robust set of editing,... Read more
SyncTwoFolders 2.0.6 - Syncs two user-sp...
SyncTwoFolders simply synchronizes two folders. It supports synchronization across mounted network drives and it is a possibility to run a simulation showing in a log what will be done. Please visit... Read more
Duplicate Annihilator 5.1.1 - Find and d...
Duplicate Annihilator takes on the time-consuming task of comparing the images in your iPhoto library using effective algorithms to make sure that no duplicate escapes. Duplicate Annihilator detects... Read more
Cobook 3.0.7 - Intelligent address book....
Cobook Contacts is an intuitive, engaging address book. Solve the problem of contact management with Cobook Contacts and its simple interface and powerful syncing and integration possibilities.... Read more
StatsBar 1.9 - Monitor system processes...
StatsBar gives you a comprehensive and detailed analysis of the following areas of your Mac: CPU usage Memory usage Disk usage Network and bandwidth usage Battery power and health (MacBooks only)... Read more
Cyberduck 4.6 - FTP and SFTP browser. (F...
Cyberduck is a robust FTP/FTP-TLS/SFTP browser for the Mac whose lack of visual clutter and cleverly intuitive features make it easy to use. Support for external editors and system technologies such... Read more
Maya 2015 - Professional 3D modeling and...
Maya is an award-winning software and powerful, integrated 3D modeling, animation, visual effects, and rendering solution. Because Maya is based on an open architecture, all your work can be scripted... Read more
Evernote 6.0.1 - Create searchable notes...
Evernote allows you to easily capture information in any environment using whatever device or platform you find most convenient, and makes this information accessible and searchable at anytime, from... Read more
calibre 2.11 - Complete e-library manage...
Calibre is a complete e-book library manager. Organize your collection, convert your books to multiple formats, and sync with all of your devices. Let Calibre be your multi-tasking digital... Read more

Latest Forum Discussions

See All

RuPaul’s Drag Race: Dragopolis 2.0 is C...
RuPaul’s Drag Race: Dragopolis 2.0 is Coming to iOS December 4th Posted by Jessica Fisher on November 24th, 2014 [ permalink ] So Much Drama | Read more »
The Sandbox EDU Review
The Sandbox EDU Review By Nadia Oxford on November 24th, 2014 Our Rating: :: COME PLAY IN THE SANDBOX AGAINUniversal App - Designed for iPhone and iPad Like its predecessor, The Sandbox EDU offers lots for players to see, do, and... | Read more »
Taichi Panda Hits iOS in December
Taichi Panda Hits iOS in December Posted by Jessica Fisher on November 24th, 2014 [ permalink ] Snail Games has released the first official game play trailer for  | Read more »
Five Apps to Make Your Thanksgiving Plan...
Thanksgiving is nearly upon us! You know what that means? Eating too much turkey, watching the Big Game, and spending time with family (whether you like it or not). Oh, and that scary Black Friday thing, but we won’t talk about that here. For those... | Read more »
Kingdom Rush Origins HD Review
Kingdom Rush Origins HD Review By Jennifer Allen on November 24th, 2014 Our Rating: :: JUST AS GOOD AS BEFOREiPad Only App - Designed for the iPad It’s more of the same again, but that’s really no bad thing at all.   | Read more »
Skylanders, Show Off How You Fight Kaos...
Skylanders, Show Off How You Fight Kaos to Win Cool Prizes Posted by Jessica Fisher on November 24th, 2014 [ permalink ] iPad Only App - Designed for the iPad | Read more »
Mark of the Dragon – Tips, Tricks, and S...
Calling All Dragon Riders: | Read more »
Playdek has Annouced a Delicious Thanksg...
Playdek has Annouced a Delicious Thanksgiving Sale Posted by Jessica Fisher on November 24th, 2014 [ permalink ] Playdek, makers of | Read more »
Pair Solitaire Review
Pair Solitaire Review By Jennifer Allen on November 24th, 2014 Our Rating: :: ADDICTIVE. SO ADDICTIVEUniversal App - Designed for iPhone and iPad Welcome to your new ‘five more minutes, oh no, why is it dark outside’ addiction.   | Read more »
DryGin Studios Release a Free-to-Play Ve...
DryGin Studios Release a Free-to-Play Version of Bio Inc Posted by Ellis Spice on November 24th, 2014 [ permalink ] Universal App - Designed for iPhone and iPad | Read more »

Price Scanner via MacPrices.net

Jumptuit Launches One-Tap Windows 8.1 iTunes...
Jumptuit has launched Windows 8.1 support for One-Tap iTunes Sync. with which Windows 8.1 users can now easily sync their iTunes libraries with Microsoft OneDrive. Jumptuit provides easy access from... Read more
CEA Study Finds More People Recycling Electro...
A new study by the Consumer Electronics Association (CEA) finds that electronics recycling receives the continued and growing support of consumers. According to the CEA,s Recycling and Reuse Study,... Read more
15″ 2.2GHz Retina MacBook Pro on sale for $17...
 B&H Photo has the 2014 15″ 2.2GHz Retina MacBook Pro on sale today for $1749. Shipping is free, and B&H charges NY sales tax only. B&H will also include free copies of Parallels Desktop... Read more
27-inch 3.5GHz 5K iMac in stock today and on...
 B&H Photo has the new 27″ 3.5GHz 5K iMac in stock today and on sale for $2299 including free shipping plus NY sales tax only. Their price is $200 off MSRP, and it’s the lowest price available... Read more
21-inch 1.4GHz iMac on sale for $979, save $1...
B&H Photo has the new 21″ 1.4GHz iMac on sale for $979.99 including free shipping plus NY sales tax only. Their price is $120 off MSRP. B&H will also include free copies of Parallels Desktop... Read more
13-inch 1.4GHz/256GB MacBook Air on sale for...
B&H Photo has lowered their price on the 13″ 1.4GHz/256GB MacBook Air to $1059.99 including free shipping plus NY sales tax only. Their price is $140 off MSRP, and it’s the lowest price for this... Read more
Save up to $400 with Apple refurbished 2014 1...
The Apple Store has restocked Apple Certified Refurbished 2014 15″ Retina MacBook Pros for up to $400 off the cost of new models. An Apple one-year warranty is included with each model, and shipping... Read more
New 13-inch 1.4GHz MacBook Air on sale for $8...
 Adorama has the 2014 13″ 1.4GHz/128GB MacBook Air on sale for $899.99 including free shipping plus NY & NJ tax only. Their price is $100 off MSRP. B&H Photo has the 13″ 1.4GHz/128GB MacBook... Read more
Apple Expected to Reverse Nine-Month Tablet S...
Apple and Samsung combined accounted for 62 percent of the nearly 36 million branded tablets shipped in 3Q 2014, according to early vendor shipment share estimates from market intelligence firm ABI... Read more
Stratos: 30 Percent of US Smartphone Owners t...
Stratos, Inc., creator of the Bluetooth Connected Card Platform, has announced results from its 2014 Holiday Mobile Payments Survey. The consumer survey found that nearly one out of three (30 percent... Read more

Jobs Board

*Apple* Solutions Consultant (ASC) - Apple (...
**Job Summary** The ASC is an Apple employee who serves as an Apple brand ambassador and influencer in a Reseller's store. The ASC's role is to grow Apple Read more
*Apple* Solutions Consultant (ASC)- Retail S...
**Job Summary** The ASC is an Apple employee who serves as an Apple brand ambassador and influencer in a Reseller's store. The ASC's role is to grow Apple Read more
Project Manager, *Apple* Financial Services...
**Job Summary** Apple Financial Services (AFS) offers consumers, businesses and educational institutions ways to finance Apple purchases. We work with national and Read more
*Apple* Store Leader Program - College Gradu...
Job Description: Job Summary As an Apple Store Leader Program agent, you can continue your education as you major in the art of leadership at the Apple Store. You'll Read more
*Apple* Retail - Multiple Positions (US) - A...
Sales Specialist - Retail Customer Service and Sales Transform Apple Store visitors into loyal Apple customers. When customers enter the store, you're also the Read more
All contents are Copyright 1984-2011 by Xplain Corporation. All rights reserved. Theme designed by Icreon.