Who is winning the mobile wallet race?
The answer might surprise you. PayPal moved up strongly in Javelin’s TIP (Trust-Innovation-Privacy) consumer rankings to grab the lead from Visa this year. PayPal is the most trusted brand among consumers compared to Apple, Google, Amazon and Facebook, and compared to the top banks, major payment networks and largest mobile network operators.
For full details, refer to “2013 Gang of Five: Apple, Google, Amazon, Facebook, and PayPal/eBay-Threat of the Mobile Wallet Disruptors.”
What is particularly worrisome for financial institutions, mobile network operators, and payment networks is that only members of the Gang of Five posted gains in consumer perceptions of privacy protection and security: none of the legacy brands did. If these innovative institutions continue to make gains in consumer perceptions of trust, innovation and privacy, the likelihood of a successful mobile wallet offering increases.