Apple is now virtually on a par with both MasterCard and Visa when it comes to trust as a mobile wallet provider brand.
We’ve been monitoring this for almost three years now, and while trust in all the other brands has remained pretty stable, Apple has improved from a figure of 18% back in summer 2014 to be trusted by 24% of smartphone owners today thanks to Apple Pay.
Another competitor that should be launching soon in the UK is Samsung Pay, its delay from last year possibly due to extended negotiations with UK banks, but hopefully available via the new Samsung Galaxy S8 flagship smartphone. Samsung decided not to launch at the Mobile World Congress this week, so we don’t yet know when the S8 will be on sale as we have only had a teaser to announce that the launch will be on March 29th in New York & London, but it’s likely that means a sales start around three weeks later.
Samsung will be aiming to increase emotional engagement with its users with the physical design and associated services on the S8; this is a key difference to iPhone users who ‘love’ their handset more and also have the huge Apple eco-system to get ‘stuck’ into. Stickiness is key, and Samsung Pay would certainly help increase this brand stickiness initially amongst early adopters and the more financially experimental.
It will also be interesting to see whether the S8 advertising will address this emotional engagement, something that other clients of ours in various sectors are starting to acknowledge as important to assess in a more (neuro)scientific way, both at the creative development stage and post launch tracking its impact on the brand.
Personally I believe that as the prices of smartwatches come down these devices may become the more natural home of the mobile wallet; if you’re interested in that or our neuroscience expertise, do get in touch.
Richard Snoxell is a Research Director in the Tech & Financial team at Marketing Sciences Unlimited.