Apple Pay is beating PayPal in the mobile payment market

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More and more users plan to use Apple Pay for mobile payments instead of the longer-running PayPal and Google Wallet, according to a new survey.

The survey was conducted by Research 451 and their ChangeWave service. Analysing 4,168 respondents primarily based in North America, Research 451 took into account their planned use of mobile payments, how satisfied they were with their provider and their perceptions of security.

Most of the participants plan on using Apple Pay, rather than Pay Pal in the next 90 days. The popularity of PayPal is gradually decreasing, with a 4 per cent decrease compared to the same survey taken in December 2014. Some 45 per cent of respondents intend on using Apple Pay in the near future.

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In terms of customer satisfaction, PayPal once again lagged behind Apple Pay, with 66 per cent of Apple Pay’s customers stating that they were very satisfied with the service. Less than half (45 per cent) of PayPal’s users were very satisfied with the service. Google Wallet finished third in terms of customer satisfaction with 33 per cent.

The survey also focused on consumers’ feelings towards mobile payment security, asking whether they consider mobile payments to be more or less secure than traditional credit cards. Perceptions towards security are gradually changing. One in four respondents (24 per cent) believe that mobile payments are more secure than traditional credit cards.

‘‘The introduction of Apple Pay has catalysed a wave of strategic moves across the mobile payments ecosystem. In the wake of Apple’s entrance, Google and PayPal have made significant acquisitions, while players such as Facebook and Samsung are rolling out payment products to remain competitive,’’ said Jordan McKee, 451 Research’s senior mobile payments analyst.

 

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