PayPal Is UK’s Most Trusted Wallet
As Apple Pay makes its way to the UK this month, its biggest challenge may be overcoming PayPal. According to a new study from Forrester, PayPal is currently the UK’s most trusted wallet.
The research shows only 27% of UK consumers trust Apple Pay to be a secure and reliable financial wallet, compared to 43% who trust PayPal to manage their finances. The study also showed 40% of UK consumers trust banks with credit card networks, and 32% trust Amazon.
Apple Pay is expected to see a stronger adoption rate in the UK than it did in the United States, but that doesn’t mean it will grow substantially after its release later this month.
“Faster adoption in the UK does not mean Apple Pay will scale quickly,” said Forrester analyst Thomas Husson. “Apple still has to demonstrate the added value it will bring to merchants (better experience, faster checkout, incremental revenues, etc.) and brands.”
As it currently stands, Apple Pay will be available at over 250,000 locations in the United Kingdom when it launches, significantly more than what it launched in America.