Ask more, know more, do more

Brand Report: See Who’s Giving PayPal a Run for Its Money

Brand Report: See Who’s Giving PayPal a Run for Its Money

Screen Shot 2015-01-09 at 10.13.14 AM

When it comes to the digital wallet industry, PayPal is one of the most recognizable brands.

But with more and more consumers ditching paper and plastic for digital payment options, we wanted to know if PayPal has the lion’s share of the market—or if other mobile wallet brands are giving PayPal a run for its money.

Using SurveyMonkey Audience, we surveyed more than 1,000 people who have used an online payment website or app to understand PayPal’s core brand metrics—and see how it measures up against some of its biggest mobile payment competitors: Google Wallet, Square Cash, Venmo, and Amazon Payments.

After running thousands of brand studies, we’ve developed a sophisticated research methodology to evaluate brand awareness, product usage, competitive positioning, and other key brand metrics that best-in-class consumer brands use to monitor their performance.

So, based on our research, who do we think PayPal should watch out for? Venmo.

Get the Full Brand Pulse Report

See how PayPal’s brand stacks up against the competition and learn which brand metrics the big companies use to track consumer attitudes.

Download Now

PayPal is the most well-known mobile payment brand

When we asked respondents to name mobile payment brands from memory (unaided brand awareness) the overwhelming majority were able to recall PayPal over other brands. 63% were able to name PayPal, whereas only 4% named Amazon Payments (which was second in the pack).

Screen Shot 2015-01-09 at 9.22.58 AM

PayPal is the most used mobile payment brand

In most brand studies, we’ve seen a high correlation between awareness and usage, and this study is no different. We asked which mobile payment brand consumers would most likely use for their next purchase, and 73% indicated they would choose PayPal. Plus, 70% are likely to use PayPal in the next 6 months.

Which online/mobile payment service are you most likely to use for your next money transfer/payment?

Screen Shot 2015-01-09 at 9.23.19 AM

Consumers perceive PayPal to be weak on security

We found that there are 4 key attributes that consumers care about when evaluating a mobile payment provider: security, ease of use, accessibility, and social sharing. Security ranked as the most important.

We asked respondents to rate how well each brand delivers on each attribute. Using their ratings, we created a “Feature Performance Index,” which provides a score (out of 100) that indicates how closely a brand matches these top attributes.

A high Feature Performance Score suggests that consumer brand perception is closely aligned to desired attributes.

Here’s how PayPal rated:

Screen Shot 2015-01-09 at 9.23.33 AM

Overall, this isn’t a stellar score for PayPal, especially given that security is so important to users. Our data suggests that PayPal’s strong brand awareness is one of its biggest competitive advantage, as it ranks fairly low in the attributes that matter most to consumers.

Perhaps surprisingly, we found that Venmo had the most favorable perceptions about security:

Screen Shot 2015-01-09 at 9.23.42 AM

While Venmo’s brand awareness is low right now, our research indicates that its product aligns closely with attributes that matter most to consumers. If Venmo can overcome its awareness problem, it could become a legitimate threat to PayPal.

Get the full breakdown on the digital wallet sector

Download the full report to learn more about each brand. Specifically, the survey findings will allow you to:

  • Better understand the current mobile wallet market
  • Understand PayPal’s core brand metrics
  • See how to use longitudinal tracking to monitor ROI

For consumer brands, it’s critical to track your brand’s performance to understand consumer perceptions and how you stack up against competitors. Contact us to get a similar report for your brand today.

Get the Branding eGuide

Tags: , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *

Inspired? Create your own survey.

Make your own survey

Sign In

Sign up to get started

PRO Sign Up 
Sign Up FREE

Latest Features

Curious about what we’ve been working on?

View New Features

Get expert survey help

Get expert survey help


Best practices for planning expert surveys

Planning makes writing your survey easy.

Download eGuide

How many responses do you need?

Use our sample size calculator to find out!

Calculate now

Analyze survey data like a pro

Learn to slice and dice data using the Analyze tool.

Download eGuide