Study: PayPal Is Still the Top Choice among Consumers
Editor’s note: Venmo was acquired by PayPal through its purchase of Braintree. While PayPal wins out regardless of whether a user chooses PayPal or Venmo, the study looks at the existing competition in consumer sentiment between these mobile payment platforms. Curiously, Apple Pay was left out.
Consumers will most likely use PayPal as their mobile payment service for their next purchases, according to a recent study conducted by SurveyMonkey.
The survey had more than 1,300 participants to assess PayPal’s share of the mobile payments market.
It also measured up against mobile competitors like Google Wallet, Square Cash, Venmo, and Amazon Payments.
PayPal remains the top choice among all brands and is the online/mobile payment service that is most likely to be used for consumers’ next transfer.
The payment company also has the highest mobile payment awareness and consideration than the rest of the pack.
Study participants, however, perceived the payment giant to be weak on security, which for consumers, is the most important attribute of a mobile payment service.
The three other key features that consumers look for in a mobile payment brand are convenience, ease of use, and social sharing.
The survey also found that most people use mobile payments at least a few months to make purchases.
Interestingly, Venmo emerged as PayPal’s top mobile competitor in spite of its low brand awareness.
According to the study, Venmo is gaining traction in the mobile payment space, with it being aligned closely to factors that matter most to consumers.
Meanwhile, Amazon Payments emerged as consumers’ next choice next to PayPal when asked about the brand that they would consider in the next six months.