Mobile Wallet: who do you trust?

Back in May this year we asked UK smartphone owners which brands they would trust to deliver a mobile wallet.

Since September 9th, the announcement of the iPhone 6 and Apple Pay has generated much interest in mobile wallet – although most feverishly of course amongst the tech press. Apple Pay is generally seen as the service which should finally kick start mobile wallet uptake as I discussed in my previous wallet blog.

So, prior to the UK launch of Apple Pay next year, are we starting to see any halo effect yet in terms of increased trust for Apple as a provider – at an overall level or amongst any key subgroups such as millennials or ‘techies’?

I am not surprised to see that the overall figures amongst UK smartphone owners show a very consistent pattern compared to May 2014. There is no change yet in the ‘order of trust’ as shown below – but I am sure change is coming…

Apple has maintained its 6th position in our list with a trust level of 18%, just ahead of Google on 14%. PayPal remains at the top of the pile but Visa and MasterCard have each shed a few percentage points, as has Tesco. Our next poll in February will allow us to determine if any small shifts seen this month reveal a consistent pattern.

MW Nov 14 chart

What about millennials?

We believe that the groups likely to drive take up of mobile wallet will be 18-30s, above average earners and especially those already using other mobile technology services who are likely to be more comfortable with trying new apps in general.

Happily for Apple, it enjoys relatively high endorsement from several of these groups: 18-24s (23% would trust Apple), those earning over £55k (23%), those using Twitter on a smartphone (30%). This would reflect Apple’s user base to a degree.

On 30%, Twitter users rate Apple the 4th most trusted behind ‘my bank’ (49%), PayPal (47%) and Visa (36%) – and ahead of MasterCard (27%) and Amazon (26%).

Apple also achieves 4th place amongst 18-24s (23%); O2 was also relatively popular with this age group with 22% endorsement (in context: Vodafone 11%, EE 8%).

Two of those key groups also back Google: 18-24s (20% would trust Google, a strong score) and Twitter users (23%). However, endorsement amongst those earning over £55k was only 13%; this would reflect Android’s wider user base in the UK.

Nectar was added to our brand list in this November survey and scored a respectable 13% overall. As we said previously, we believe mobile wallets will not just be about mobile payments – in fact UK consumers said they were more interested in using a mobile wallet to collect loyalty points (49%) and store & redeem vouchers (43%) than to make small payments (32%). This is due to the greater perceived convenience and efficiency benefits and lower risk associated with ‘mobilising’ loyalty programmes and vouchers than payments.

Look out for our next set of provider brand trust scores for mobile wallet in February as we make this a regular quarterly poll in 2015. There’s a good chance we will have Apple Pay live in the UK by then, but where is Google Wallet’s response?

 

 

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Richard Snoxell
01962 842211
Article date - 06/11/2014
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