Yes, said ChannelAdvisor CEO Scot Wingo this morning in his keynote address at the annual ChannelAdvisor Catalyst conference in Las Vegas.
Consumers might know PayPal …
… but other digital wallets remain obscure, comScore finds.
Most online shoppers in the United States claim an awareness of PayPal, but other so-called digital wallets have failed to make much of an impression, suggests new research from comScore Inc. The web measurement firm based its findings on two surveys of more than 2,000 U.S. online consumers in November, along with insights from its research panel of 1 million U.S. shoppers whose online activity comScore tracks.
ComScore says that 72% of consumers are aware of PayPal, which enables shoppers to digitally store their payment information to enable easier online purchases. Far behind in second place is Google Wallet (41%), followed by MasterCard PayPass Wallet (13%), Square (8%), V.me by Visa (8%), ISIS (6%), Lemon Wallet (5%) and LevelUp (5%). PayPal is owned by eBay Inc.
Additionally, 48% of consumers reported having used PayPal; none of the other digital wallets scored more than 8% in that category. 373 of the leading North American retailers ranked in the the Internet Retailer Top 500 Guide accept PayPal, far more than any payment form other than the major card brands Visa, MasterCard, American Express and Discover.
“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’s Payments Practice leader.
Security also concerns consumers when it comes to digital wallets, the report says. 57% of consumers did not realize, even after reviewing the web sites of digital wallet providers, that such payment services can be protected against fraud with passwords or passcodes.