Not surprisingly, consumers trust incumbent payment brands when they think about the future of mobile payments. Facebook is the least trusted, despite big numbers of consumer who spend a lot time sharing personal information on the site.
There is both good news and bad news here.
The good news, is the mobile payments is a gift from the gods for banks But it will force banks to break down the business and technical silos between (and especially) the retail bank LOB and the Cards LOB. Other banks who also have retail brokerage services would be well advised to plow down that wall too.
For startups to be successful, it means putting together a Mt Everest expedition complete with funding, strategy and partners. For new entrants this is a market to win, for banks, its a market to loose.
One note: We find it odd the telco’s didn’t show up in the results. Consumers were forced to pick from a fixed list and its not clear telco’s were list when we looked at the Oglivy & Mather report.
Survey: Consumers Don’t Trust Google or Apple With Mobile Payments
When asked “Who do you trust with mobile payments?” nearly 40% of consumers chose Visa. MasterCard and American Express weren’t far behind, with nearly 36% apiece. While eBay scored low, its payments brand, PayPal, wasn’t far behind the credit-card companies, with 34% of respondents expressing trust.
