US consumers reject mobile wallets, survey says
The overwhelming majority of US consumers would not use a mobile wallet, according to a survey carried out by consultancy Consult Hyperion during September.
The study, carried out as preparation for the Tomorrow’s Transactions Unconferences that Consult Hyperion organises, asked consumers who they would trust to operate a mobile wallet service– and a total of 64% said they would never use a mobile wallet, no matter who was behind it.
Of the 36% who said they would use one, 20% said they would trust their bank, and 10% said Google, Retailers like Wal-Mart and phone companies scored just 3% and 2% respectively.
“Issuers need to do a better job of conveying what mobile wallets are and what benefits they bring,” said Dave Birch, global ambassador for Consult Hyperion. “It’s interesting to see both that Google outranks both phone operators and major retailers as a trusted supplier, despite the obvious retail applications of wallets, and that banks retain the most trust for such a service.”
The study found some differences in attitude among different age groups: among 25-24 year-old males, only 50% said they would never use a mobile wallet, while the figure rose to 78% among 45-54 year-old females.
The topic will feature at the next Tomorrow’s Transaction event in New York on 24 October, which will feature Peter Hazlehurst, project director for Google Wallet and Brett King, author of Bank 3.0 and founder of Moven, alongside Birch.