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PayPal Ranks As Most Trusted Brand For Mobile Payments

May 12, 2011 by  
Filed under Mobile

PayPal, the eBay-owned online payment company, could be set for a huge boost as mobile payment products start to gain more consumers over the next year, a survey by market research firm GfK suggests.

GfK found that PayPal was the brand most likely to be trusted with personal financial data by consumers in nine major markets around the world, in a survey whose results are due to be published some time this week.

Major credit card brands Visa and MasterCard were the next most likely global brands to be trusted, followed by technology juggernaut Apple, which already handles account data through the iTunes store, Nokia and Samsung.

Mobile carriers, who have been hoping to diversify their increasingly marginalized revenues through NFC, came far down the list.

“When we think of trust or security, we probably default to a brand that’s been around for a long time. In this case, people have put their trust in a very new company,” GfK analyst and report author Ryan Garner told Reuters.

“Whilst financial brands have built up high levels of trust, mobile-based brands such as Nokia and Apple, and relatively new financial brands like PayPal, have the potential to disrupt this seemingly comfortable position,” GfK said.

GfK carried out its online survey of 8,603 consumers in Britain, the United States, Germany, France, Spain, Brazil, China, Italy and South Korea — which it used as a benchmark because mobile payments have been used there for many years.