Tag: paypal mobile payments

Security is one of the primary reasons why consumers do not use their mobile devices to make payments.

A recent global study conducted by international e-commerce firm and digital payments platform, PayPal, has found that while the majority of consumers (78 percent) are in agreement that making payments online is simple, 42 percent of survey respondents are not interested in taking advantage of mobile payments, with the primary reason being consumers are worried about data security.

U.S. consumers feel more secure about sharing their financial information online than those in other countries.

Paypal surveyed more than 15,000 adults in 15 different countries to find out how people feel about online and mobile payments and how much time engaging in these transactions could save them in a cashless society.

The study found that compared to consumers in many other nations around the world, Americans were more comfortable sharing financial data online. PayPal’s senior director of global initiatives, Anju Nayar, said “The study shows that only 29 percent of the U.S. worries about sharing their data online, versus the global average of 59 percent, which shows how accustomed Americans have grown to the layers of security and the buyer protection companies like PayPal and others have built into the e-commerce experience.” It is because of these security and buyer protection measures that U.S. consumers feel comfortable, Nayar added.

Fear of payment information being stolen was the greatest online and mobile payments concern.

57 percent of survey participants in most countries said that the biggest frustration when it comes to online shopping is they are worried about theft of payment details. On the other hand, U.S. respondents (46 percent) were less concerned about their payment information being stolen than respondents of other nations. Also, while 29 percent of Americans are hesitant about data sharing on the net, this is a much lower percentage compared to the 59 percent global average.

In addition, the PayPal survey addressed the issue of using cashless payments when traveling. 85 percent of respondents said they would feel greater security if they could travel cash-free and 50 percent stated they would not be so worried about the possibility of money being lost or stolen.

That being said, although the survey may have revealed that on the whole, U.S. consumers may be less afraid of data theft compared to other countries, the global stats still show that consumers will not completely embrace mobile payments until they are confident their financial information is secure.

PayPal to undergo a major rebrand in order to beat out the competition it is facing from other companies

PayPal is about to undergo a massive and somewhat unexpected rebranding. The eBay-owned company has been operating for several years and has managed to avoid making any serious brand changes for the majority of its existence. Now, however, PayPal is seeing competition in the mobile payments market rise to new heights, which has the company somewhat worried about its ability to continue standing out to consumers from amongst its competitors.

Campaign to focus primarily on the North American and European markets

The rebranding campaign will be a global effort and will involve the adoption of a new logo and a new slogan, which will be “powering the people economy.” Australia is expected to be the first market to see the changes being made to PayPal. The associated marketing campaign for the rebranding initiative will focus primarily on the North American and European market after launching in Australia. PayPal currently boasts of one of the strongest mobile commerce presences in these two markets.

PayPal aims to beat back competition coming from large companies

PayPal has managed to establish a strong foothold in the mobile space because it was one of the first to begin engaging mobile consumers aggressively. Over the past few years, however, other companies have been growing more mobile-centric, taking note of the growing number of consumers that are taking part in mobile shopping and payments. Large companies like Apple and Google have been making a move to break into the mobile commerce space, and they could potentially replace PayPal as one of the most powerful names in the mobile field.

Competition continues to benefit consumers, but be harmful to some companies

The large number of companies, both old and new, beginning to participate in the mobile commerce space has created a very competitive atmosphere within the sector. An abundance of competition has been a benefit for consumers, as it has given them access to a wide range of mobile commerce platforms to choose from, but this competition has also made it difficult for companies to establish themselves as leaders in the mobile field.