PayPal enjoys a wide lead in awareness and, most importantly, usage vs. other mobile payments providers, according to Business Insider Intelligence. That includes leads over MasterCard’s PayPass Wallet and V.me.
Of those consumers queried about their mobile payments practices, BI Intelligence found that about 48% used PayPal, far and away more than its closest rival, Google Wallet. Perhaps the only wrinkle in the results, from a PayPal perspective, is that Google Wallet’s awareness topped 40%.
This seems like it is like taking a poll of “How far is MySpace’s lead over Social Media” in 2005. It’s kind of irrelevant until the market matures to a point that we are past the early adopters and into the masses and until the major players actually land on a business model that works and is profitable. MSN had a huge lead in search in 2000, Yahoo took that away for a short lived reign until Google eventually cracked the code on the most efficient way to make money at scale. There is a LONG way to go before we find a leader in mobile Payments. My bet is that none of these companies will be the dominant player of the future. My bet is that we will find Apple, Facebook or a company we have never heard of, rapidly emerge at the dominant force in Payments once the code is cracked on mass consumer adoption and mass merchant adoption of mobile solutions.
I agree with David. There is some seriously interesting and disruptive innovation going on in this space, I can hardly keep track of this (and its my job). I did have the chance to see many of PayPal’s innovations first hand last week and they certainly have an advantage, with all the years of online payments and mobile under their belt. They most certainly have very smart people and the resources to manage the complexities of taking this to market correctly, from the merchant, customer AND for the banks and FI’s. One thing that is key to the banks and card providers, is to have a solution tightly integrated to their own retail mobile offering and debit/credit/pre-paid, they want their interchange and really should own and utilize the purchasing data and they don’t and they have “owned” many of us for decades (in my case with Wells) …should continue to be fun to watch. Finally, the status quo with Visa/MC, payments, ACI, TSYS, the merchant acquiring legacy process….all need some fresh disruptive innovation….and its coming like a freight train!
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