Google Wallet Survey: Many Americans Not Ready for New Payment System

Google unveiled its new mobile payment system, Google Wallet, Monday to select Sprint users. The mobile application allows users to essentially use their phone as their wallet by connecting their credit card account(s) to the Android application. Eventually, Google plans to expand to other credit card types and smart phones, as well as convincing more merchants to accept payments using near field communication technology.

google wallet

The Unveiling

The technology behind Google Wallet is new to most Americans, and it may take a long time for people to catch on. In Ask Your Target Market’s latest survey, 73.9% of respondents said they have never heard of Google Wallet. 18.8% said they have heard of it, but don’t know much about it. 5.7% said they know what it is, but don’t plan on using it. And 1.6% said they know what it is and definitely plan on using it.

Smart Phones and Credit Cards

Currently, Google Wallet can be used in conjunction with Citi MasterCards, but Google has announced that it will soon work with Visa, American Express, and Discover as well. In AYTM.com’s survey, Visa was the most popular type of credit card, used by 53% of respondents. 32.9% used MasterCard, 14.9% used Discover, 11.7% used American Express, and 32.9% don’t use credit cards at all.

Google also plans to expand its list of compatible smart phones, but for now it only works with Sprint Nexus S 4G customers. 37.9% of respondents said they currently own a smart phone that supports mobile applications, and the remaining 62.1% do not own a smart phone with this technology.

Is America Ready?

When asked if they would ever consider using a mobile application as a payment system, 47.3% said they would not. 29% said they might consider it if they had more information on how it worked, 14.9% said they might if they owned a smart phone, and 8.9% said they would definitely use it.

Google Wallet is definitely a new concept for most Americans. Will they embrace this new technology? And will it become the future of payment systems? Or is America not quite ready for this change?

Photo Credit: google.wallet from Flickr

ABOUT THE AUTHOR: Anne Pilon
Anne Pilon brings 3 years experience to AYTM as a blogger and journalist. She has a degree in journalism and marketing communications from Columbia College in Chicago and enjoys writing about business, marketing, social media, and art.