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New study examines online payment market

February 15, 2013

The online credit card processing market may be doing well on many fronts, but according to a new report from comScore, only slightly more than half of United States consumers are aware of digital wallet options beyond PayPal.

The online credit card processing market may be doing well on many fronts, but according to a new report from comScore, only slightly more than half of United States consumers are aware of digital wallet options beyond PayPal.

ComScore studied 1 million individuals across the U.S., in addition to two conducting two surveys of more than 2,000 Internet users in 2012. The research aimed to determine if consumers understand digital wallets and whether they are interested in using the technology.

The “digital wallet” refers to systems like PayPal, which customers are able to use to register their cards for quicker, more direct online credit card payment processing. MarketWatch suggested that use of this payment method may have several benefits for consumers, from facilitating easier mobile transactions to clearing out space in their physical wallets.

It is possible that increased efforts to promote security features may have an effect on digital wallet use. Participants in comScore’s research were most concerned about the safety of using the payment method, with 93 percent of subjects reporting that they would prefer to use it if it featured locks, even though this is actually already a feature of the technology. 

 

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