Apple Pay named Best Digital Wallet in debut list
Investor’s Business Daily (IBD), a leading financial news and research organization, announced a new series of rankings and reports to help guide investors and consumers on the best fintech services for their needs. The Best in Fintech series starts by diving deep into the Best Digital Wallets, with additional reports planned for savings and investment apps and the cryptocurrency segment. On IBD’s debut Best Digital Wallets list, Apple Pay claimed the top spot, with Zelle, Amazon Pay, PayPal and Google Pay rounding out the top five.
“We believe the time is right for an objective, detailed comparison of what fintech companies offer consumers, given the growth in mobile apps and other Internet-delivered financial services,” said IBD Managing Editor Susan Warfel.
“We believe the time is right for an objective, detailed comparison of what fintech companies offer consumers, given the growth in mobile apps and other Internet-delivered financial services,” said IBD Managing Editor Susan Warfel. “We started with digital wallets because of the spike in adoption of mobile payments over the last few years, yet there is still a lot of room to run, which is good news for fintech investors. The top five overall vendors have a clear lead at this stage of the journey, but the space is rapidly evolving, and other services, like Affirm, Cash App, Shopify and Venmo, are demonstrating their strengths within specific categories.”
Latest Fintech News: PayByPhone Introduces Safe and Convenient Contactless Parking Experience to the City of Medford, MA
Like other IBD lists and reports, including Best Online Brokers and Most Trusted Financial Companies, the Best in Fintech “winners” are determined by customers’ ratings of the fintech services they actually use, rather than by subjective judgments of editors or others. For the Best Digital Wallets list, IBD worked with polling partner TechnoMetrica to survey more than 6,000 people nationwide. The survey, conducted in late December, asked digital wallet users to evaluate numerous fintech companies on five categories of performance.
Categories were determined by preliminary research in which consumers named the attributes they valued in fintech services that they used. They were ease of use, customer service, fair prices/fees, security/privacy and transaction speed. Consumers rated all the digital wallets that they used over the prior year, and the payment services were ranked according to a proprietary Customer Experience Index.
Each of the top five companies in this fintech segment received overall scores of at least 71.1 out of a possible 100. They also were markedly ahead of the rest of the pack in terms of overall customer satisfaction scores. The No. 6 finisher’s overall score was 65.9, more than five points behind fifth place.
Latest Fintech News: Miami Loan Officer Arthur Miguez Embraces Technological Advances To Offer ‘New Economy’ Mortgages
2022 Best Digital Wallets — Overall and By Category
Best Digital Wallets Overall:
- Apple Pay
- Zelle
- Amazon Pay
- PayPal
- Google Pay
Ease of Use:
- Apple Pay
- PayPal
- Zelle
- Cash App
- Amazon Pay
Customer Service:
- Apple Pay
- Amazon Pay
- PayPal
- Zelle
- Shopify
Fair Prices/Fees:
- Zelle
- Apple Pay
- Amazon Pay
- Google Pay
- Venmo
Security/Privacy:
- Apple Pay
- Zelle
- Amazon Pay
- PayPal
- Affirm
Transaction Speed:
- Apple Pay
- Zelle
- PayPal
- Google Pay
- Cash App
Latest Fintech News: Quest Trust Company Now Offers Cryptocurrency Investing in Self-Directed IRAs
[To share your insights with us, please write to sghosh@martechseries.com]
