Just as tech companies are enabling mobile payments, a new study finds that most people don't trust tech companies with their money. Many feel safer dealing with their credit card company directly.
The study, by Ogilvy & Mather, says that its 1,500 respondents in three countries place more trust in Visa, Mastercard and American Express than Apple, Google or Facebook, according to AdAge. About 39.6 percent of respondents trusted Visa, the highest-trusted company in the survey, compared to 12.1 percent with Facebook -- the least-trusted company.
So what's a tech company, such as Google Wallet, to do? Survey creator Martin Lange, executive marketing director and worldwide head of mobile for Ogilvy & Mather, says that Google would need to play up its MasterCard and Citibank connections.
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"If you can partner with Visa, MasterCard, AmEx or a large bank, use that brand to elevate your service," he said.
Apparently most tech companies have credit card company partners, including American Express partnering with Foursquare and Facebook and Visa with Square. So instead of promoting the ease of their new mobile payment services, companies such as Apple and Google instead need to promote their more trustworthy financial background (and partners) to lure consumers.