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JP Morgan has released a study which shows that Paypal is still seven times more popular than Google’s rival system, Checkout.
JP Morgan surveyed over 1,000 adults about their online shopping behaviour – and here are some of the key findings:
Checkout adoption hit 6% in its first year – though Google’s adoption rate of 6% is much lower than PayPal’s (42%), the results indicate a good start for Google.
Checkout users are male, affluent, and young – Google Checkout's penetration rates are two times higher amongst men. In addition, 34% of Checkout users have incomes over $75,000, compared with 25% for PayPal and 20% for all online shoppers. Checkout users are also younger, with 57% under 35, compared with 36% for PayPal.
Checkout needs to sort out some teething problems – 44% of PayPal report ‘good’ or ‘very good’ experiences, compared with only 19% for Google Checkout.
PayPal maintains its leadership position - PayPal’s 42% penetration rate in 2006 was seven times that of Google’s. Also, 43% of those surveyed prefer PayPal, while only 2% prefer Google Checkout.
Checkout brand awareness trails PayPal - around 80% of respondents indicated awareness of PayPal, compared with only 45% for Google Checkout.