Earning individual trust has proven to be a steeper climb across markets than many anticipated. The article looks at consumers trust levels with smartphone universal payment applications that may be used across payment situations (in-person, e-commerce). Name recognition or familiarity does appear to have weight in the influence of consumer sentiment of trust, but does not translate to interest or use.
Absent from the study are Merchant Mobile Wallets, those that are branded to a specific business purpose and integrate loyalty rewards, ordering capability, and other features. While trust may hold steady at the levels registered for the universal payment apps, Mercator Advisory Group contends certain businesses have found the secret sauce to generating public interest in using a business-specific wallet apps (e.g. Starbucks) consistently.
Overview by Joseph Walent, Senior Analysts, Emerging Technologies at Mercator Advisory Group
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