Consumers Trust Their Bank Most to Provide a Mobile Wallet

Tuesday, April 14, 2015

When it comes to mobile wallets, journalists and bloggers have focused on offerings from tech companies like Apple and Google, but consumers are more likely to trust their own bank as a provider, a new ING International Survey of 10,169 mobile users shows.

  • 84% of consumers who own a mobile phone trust their own bank the most to provide a mobile payment app.
  • The remaining 16% were divided among tech companies, other suppliers, social media companies, and other banks. Of note, only 5% said they would trust companies such as Apple and Google most to provide a wallet app.
  • Social media companies like Facebook and Twitter are most trusted by 4% of consumers. This could be problematic for Facebook, which is currently rolling out a peer-to-peer payments feature within its Messenger app in the US.

Source: Business Insider (link opens in a new window)