Monday, August 15, 2011

Importance of trust in brand to conduct mobile payments

There is a lot of trust involved in performing a payment transaction. It is probably the most important ingredient in making sure that consumers complete payments. While it is relatively easy for first mover people to try out new payment schemes, this is not the case for the majority of people.

In an online survey performed by Ogilvy & Mather, 500 Americans were asked which brand they would trust most in mobile payments. (Read here). (The graph can be found here). The results (while predictable) were quite interesting. Visa (and Mastercard, American Express etc.) carried the most trust, while companies like eBay and Facebook had a much lower score. This means that even in the online world, a brand carries a lot of weight when it comes to payments.

Some questions:
  • How to ensure that criminals don't masquerade as a trusted brand.
  • How will consumers recognise a brand in a mobile world - especially when space to display brands are limited.
  • How to build products that carries the brand promise.

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