Monday, February 4, 2013

Square Google wallet digital wallet- sorry nobody knows who you are

Square? Google Wallet? Sorry, digital wallet companies, nobody knows who you are



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T-Mobile, Verizon invest $100M more in mobile wallet venture

Web Producer- Silicon Valley Business Journal
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The digital wallet seems to be a product who's time has perpetually come. For at least the past 4 years, we've been hearing that soon we'd be ditching those deeply uncool leather things hogging up space in our pockets in favor of our cell phones, which could handle all our payment needs digitally and wirelessly.
Except it hasn't happened. Tech industry watchers have given a number of reasons for this, from security concerns to the difficulties in getting handset makers to add expensive near field communications chips to enough cellphones for there to be a market. But a survey released today by the Internet research firm Comscore gives an alternate explanation for the technology's failure to set the world on fire — nobody's heard of it.
Only one digital wallet company was known to more than 50 percent of consumers in Comscore's study, which looked at over 1 million U.S. consumers and about 2,000 Internet users. That company was one of the oldest in the digital payments space — Paypal. It was familiar to 78 percent of respondents.
Square, Google Wallet, and all the other upstarts that were supposed to disrupt the industry? Not so much. 41 percent of respondents had heard of Google Wallet, and only 8 percent knew about Square.
When you look at how many consumers are actually using these services, the numbers look even worse. While 41 percent of respondents know about Google Wallet, only 8 percent have actually used it. Only 2 percent have actually used Square. Paypal's numbers look a bit better — it's being used by 48 percent of the respondents.
So what can we take away from this?
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Jon Xavier is Web Producer at the Business Journal. His phone number is 408.299.1826.
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