UK Trust in Smartphone Wallets Stuck in Stasis - eMarketer

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UK Trust in Smartphone Wallets Stuck in Stasis

Mobile payment usage inching up despite trust issues

March 17, 2016

According to February 2016 data from Marketing Sciences, PayPal is the most trusted brand among smartphone owners when it comes to wallet apps. However, the proportion of smartphone users in February 2016 who said they’d trust PayPal had barely moved since September 2015—it had dropped by a percentage point, in fact, to 40%.

Brands from Which UK Smartphone Owners Would Trust a Smartphone Wallet App, Sep 2015 & Feb 2016 (% of respondents)

This pattern was similar across the gamut of wallet app providers, with some adding a percentage point, others losing one, and some not moving an inch. Only Visa saw any notable change—a rise of 4 percentage points.

UK consumers remain cautious of this brave new world of mobile money, then. Or do they? Q4 2015 polling from Ipsos MORI, indicated that contactless smartphone payments were becoming an ever-more-popular technology among consumers in Great Britain. While 12% of respondents mightn’t seem like a particularly notable response rate, it represented a more than doubling of the proportion at the same time last year.

Digital Technology and Device Ownership/Usage Among Consumers in Great Britain, Q4 2013, Q4 2014 & Q4 2015 (% of respondents)

Those that do trust mobile wallets and/or payment options are clearly using them more and more. As overall usage increases, so might trust in such services. For now, though, critical mass isn’t quite there to convince UK consumers that mobile money services are up to scratch.

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