Who Is Leading The Digital Mobile Payment Influence Battle? – Forbes
The way we pay for goods and services is changing, as the world migrates from cash and credit cards to apps we run on our smartphones. It’s an evolution made possible by ubiquitous mobile platforms and always-on Internet connections, fueled by upstarts like Square and Stripe, and propelled by industry veterans like MasterCard MasterCard who don’t want to be left behind. A recent Forbes magazine cover story on the $15 Trillion Gold Rush and the battle for control over the future of electronic payment systems, points to the intense competition and technology arms race among the incumbents and the upstarts.
The market has been filled in recent months with product announcements, launches, investments, and acquisitions. The promise is new convenience, lower fees, and in some cases increased privacy and security. But who’s winning the influence battle?
Forbes Insights partnered with Appinions to look at the people and companies that are exerting influence over the digital mobile payment ecosystem. Using the Appinions platform, we’ve examined data from over 2 billion documents covering news, blogs, forums, and social media collected in the time frame between December 6, 2013 and March 7, 2014. Within that data, approximately 225 million opinions garnered enough reactions to be deemed influential. Influence Scores were then calculated for the people and entities who originated these opinions.
The study documents these influence scores, presenting the top 10 executives, top 10 companies, and comparison charts for a variety of related markets including mobile technology, banking, wireless device manufacturers, and others.
Our analysis confirmed that there has been a significant increase in the volume of influential conversations relating to mobile payments thus far in 2014. Since Apple Apple CEO Tim Cook’s announcement about the tech giant’s interest in mobile payment, there has been a sustained level of reactions at almost 2x the levels we saw before Mr. Cook spoke.
One unique attribute of the mobile payments market is the fact that six different industries are actively exerting influence over the discussion. This is a very different dynamic than we’ve seen in any previous industry or sector that we’ve examined. Financial institutions, retailers, wireless, traditional and mobile payment services, and device makers are all in the mix of startups and established firms who have shared influential opinions over the past three months.
The full report includes a ranked list of key influencers in each of the six industries that are driving this important category. Within each of these industries, there are surprises in terms of which firms have demonstrated influence, and which have not.
For example, MasterCard’s announcement in February regarding its plans to acquire digital wallet provider C-SAM, received a great deal of attention from influencers in the mobile payment space, but competitors Visa Visa and American Express have (at least recently) demonstrated no measurable influence on the topic of mobile payments.
They’re not the only quiet ones. While a wide range of banks around the world, including the Bank of Beijing and Royal Bank of Canada, are influential, not a single U.S. bank appears on our sector leader report.
There were also interesting facts in what the data told us about the newer payment tech startups, both the young and those who are reasonably well established.
Square, for example, ranks 7th among influential core mobile payment tech companies showing only about 4% of the influence of PayPal, and yet when we looked at share of the conversation from influencers about mobile payments, Square gets 90% as much attention as PayPal. Clearly they are garnering a lot of attention without themselves sharing opinions that are getting reaction.
Click here for the full report