Google and other technology companies are moving into the growing arena of mobile payments, but consumers may not be ready to associate financial transactions with tech firms.
A recent survey finds that when it comes to mobile payments consumers trust credit card companies more than tech companies, including Apple, Google and Facebook.
The survey by Ogilvy & Mather – an international advertising, marketing and public relations firm – asked 500 U.S. online users whom they would trust with mobile payments. Consumers could select as many brands as they would like, according to Ad Age.
A greater percentage of respondents identified Visa (39.6 percent), Mastercard (35.9 percent) and American Express (35.8 percent) over the high-tech firms, Apple (22.9 percent), Microsoft (22.3 percent), Google (19.5 percent) and Facebook (12.1 percent).
Asked whom they would trust with mobile payments, consumers also identified PayPal (34.3 percent), U.S. Postal Service (24.6 percent), Motorola (17 percent) and eBay (15.5 percent).
The best bet for technology companies entering the mobile payments business may be to partner up with a strong financial institution.
"If you can partner with Visa, MasterCard, AmEx or a large bank, use that brand to elevate your service," Ogilvy & Mather survey creator Martin Lange told Ad Age.
