Report: Consumers Favor Apple Pay Over PayPal
April 23, 2015
While huge numbers of actual users haven’t quite materialized yet, consumers looking forward in time say they favor Apple Pay over PayPal for mobile in-store purchases, according to a new report. New York City-based research firm 451 Research said a survey of more than 4,000 consumers found that 25 percent of them are likely to use a mobile payment app in the next 90 days. And, of that total, 45 percent said Apple Pay will be their app of choice moving forward, a five-percent jump since just December. Twenty-eight percent identified PayPal as their mobile app of choice. Less than a year ago, PayPal was the favored mobile payment app of more than 54 percent of consumers.
“Our latest survey shows planned use of Apple Pay has been on an upward trajectory since it became available six months ago—with the service helping to spark consumer demand for mobile payment technologies,” said Andy Golub, survey research director for 451 Research. “Although consumer perceptions of security remain an issue, the results point to marked improvements in this area.”
While the share of people who believe mobile payments are more secure than credit cards (24 percent) is still less than those who believe mobile is less secure (27 percent), the spread between the two is narrowing—the gap is three percentage points less than it was in December 2014 and 26 percentage points less than a year ago.