Feeding the argument that mobile payments are still a solution in search of a problem, a new comScore study reports that consumers don’t know about (or use) the vast majority of mobile wallet options aside from PayPal and Google Wallet.
PayPal, which has the brand benefit of having been around since the late ’90s, is by far the most recognized name on comScore’s list, with 72% of respondents reporting they were aware of its digital wallet offering and 48% reporting they had used it. Others on the list included MasterCard’s PayPass Wallet, V.me by Visa, Lemon Wallet, LevelUp, and ISIS.
Not even Square, whose high-profile partnership with Starbucks officially rolled out last November seemed to register with survey participants–8% said they knew what Square was, and just 2% reported they had actually used it.
All of this isn’t to say it’s all bad news ahead for mobile payments players: Though the industry is still nascent, comScore’s results indicated digital wallet penetration could eventually reach 1 in 2 consumers as they become more educated on wallet providers’ various offerings and benefits.
[Image: Flickr user kawanet]