Categories: NewsPayment Methods

Mobile Wallets Change Names To Up Adoption, Usage

What’s in a name? Some of the world’s largest mobile wallet players have changed course in an effort to change their luck with consumers.

At Innovation Project 2017, PYMNTS.com CEO Karen Webster shared the latest mobile wallet adoption statistics for major brands Apple Pay, Android Pay, Samsung Pay and Walmart Pay.

The phrase “low and slow” is an apt description for the three brands that have been in the market for a while: Apple, Android and Samsung Pay. Apple Pay has seen a slight decrease in adoption, while adoption of the other three mobile wallets has remained relatively flat. Usage stats haven’t fared much better.

While signs point to the fact that security concerns (though less of an issue recently) and growing happiness with current payment methods are likely culprits for the lukewarm adoption stats, these four mobile wallet players are sure it’s all about the name.

And they are looking inward to another mobile wallet that has been around for a long time and has cracked the mobile wallet code online.

Founded in 1998, PayPal was one of the first major online payment providers. The company has a long and storied history of facilitating P2P and eCommerce transactions on the web and, with the smartphone boom, on mobile devices.

Taking a page from the PayPal playbook, starting today, three of the four major brands have rebranded and will now be known as “Pay Apple,” “Pay Android” and “Pay Samsung,” respectively.

While the companies couldn’t be reached for comment, an anonymous source told PYMNTS, “Putting ‘Pay’ as the first name seems to work well, so why not?”

Industry insiders also told PYMNTS that online retail giants Amazon and Alibaba are both considering a name change to their payments services — Pay Amazon and Pay Ali(baba).

In both cases, these decisions are merely rumors. The move to rename Amazon Pay, for example, may be redundant since more customers than ever are already more than happy to pay Amazon on a very regular basis.

This story was written as part of PYMNTS Annual April Fool’s edition and all in the spirit of good fun. Any resemblance to real news is purely coincidental. We hope you enjoyed it.

Get our hottest stories delivered to your inbox.

Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.

——————————

New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

Share
Tags: April Fools'

Recent Posts

Agora Services Debuts New Tools For SMB Banking

Challenger bank Agora Services wants to address challenges with banking for small businesses with a new solution called Agora SMB,…

2 hours ago

Google Almost Done With Transition To SAP Ariba Network

Google's transition to SAP Ariba's cloud-based services has a completion date set for Aug. 24 after multiple waves that began…

2 hours ago

Fed Moves Ahead With FedNow Despite Objections

Not everyone favors the Federal Reserve Board’s launch of its settlement service designed to eliminate the three-day check clearing and…

3 hours ago

Pelosi, Mnuchin Call For Reopening Stimulus Talks

Weeks of failed negotiations on pandemic-related aid has led to House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin, representing…

3 hours ago

Bitcoin Daily: S. Korea To Use Blockchain To Collect Highway Tolls; Polish Financial Watchdog Warns Of Fake Crypto Scams

South Korean highways could see blockchain-based toll booths before the end of the year, according to a report from Crypto…

4 hours ago

CHAMPS Group Purchasing Works With Procurement Partners On Smoother P2P Services

CHAMPS Group Purchasing is partnering with Procurement Partners, which works in procure-to-pay (P2P) solutions, to provide a new service for…

4 hours ago