comScore Sees Widening Digital Wallet Adoption

comScore is generating buzz today on the heels of its newest published report: the Digital Wallet Road Map 2013. The study, which measures “consumer awareness, perceptions and intent” …

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comScore is generating buzz today on the heels of its newest published report: the Digital Wallet Road Map 2013.

The study, which measures “consumer awareness, perceptions and intent” to use current digital wallet offerings, shows that digital wallets are now familiar to 51 percent of U.S. consumers.

Although the remaining 49% represents a huge growth opportunity and points to a large segment of the population that digital wallets are yet to penetrate, the slow and steady growth of digital wallet adoption is still very promising.

“Digital wallets represent an innovative technology that has not yet reached critical mass among consumers due to a variety of factors, including low awareness and a muddied understanding of their benefits,” says Andrea Jacobs, comScore Payments Practice Leader.

“This study delves deeply into the mindset of consumers with respect to their potential use of digital wallets, in addition to helping size the market opportunity,” she adds. “The study also provides guidance on how digital wallet providers, marketers, developers and retailers can contribute to growing adoption of this technology.”

According to the conclusions reached in the report, the current digital wallet landscape remains fragmented among providers because of “low consumer adoption outside of PayPal,” with only 12 percent of consumers claiming to have used a digital wallet other than PayPal.

comScore data, however, does show that the digital wallet market opportunity could eventually reach 1 in 2 consumers as consumers become more aware of the offerings and educated on their benefits.

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    It is very early days for the even more versatile and “professional” digital wallets from Visa and MasterCard, but they are coming (can you hear that rumbling sound?), and if anyone thinks that all those online merchants that already have a merchant account with a real bank will not take up and offer a Visa or MasterCard online digital wallet in place of the clunky PreyPal, they are as delusional as eBay’s John Donahoe and PreyPal’s David Marcus … LOL

    Of course PreyPal is known by a great many people, favourably by many payers, and unfavourably by very many payees. Foolishly, Visa and MasterCard allowed PreyPal a ten-year start, and the advantage of being effectively mandated on eBay has not hurt PreyPal either. But, in the long term, that will not be enough to allow this utterly clunky middleman to succeed any further now that Visa/MasterCard are in the digital wallet race … http://bit.ly/UVXx53

    But, if anyone thinks otherwise, now is the time to take out that margin loan and buy lots of eBay stock—while the insiders are selling off their gifted bonus shares … LOL

    eBay / PayPal / Donahoe: Dead Men Walking … http://bit.ly/11F2eas