Is anyone winning the mobile wallet wars?

Consumer awareness of mobile payments is on the rise, largely due to the heavy publicity surrounding the launches of Apple Pay, Samsung Pay and Android Pay. More than 50 percent of consumers say they are “extremely aware” of the mobile payment options available to them, an increase of 9 percentage points from 2014. Although awareness may be on the rise, usage rates of mobile wallets remain low.

Recent research shows few smart-phone owners with the necessary operating systems for mobile wallets have actually utilized them. Only 6 percent of iPhone 6 and iPhone 5 users have tried Apple Pay (iPhone 5 can be used with Apple Watch for Apple Pay). Meanwhile, 4 percent of Samsung users have tried Samsung Pay and a paltry 1 percent of Android users have tested Android Pay.

Of those consumers who have used a mobile wallet option, only a fraction use them consistently. Three percent of iOS users make purchases with Apple Pay regularly, meaning weekly or at least twice a month. Only 2 percent of Android users report regular usage of Android Pay or Samsung Pay.

These low usage rates do not necessarily indicate a forthcoming swan song for mobile payments, however. They may, in fact, just be the calm before a surge in adoption. Already, some experts are predicting that the launch of Chase Pay will encourage financial institutions without their own wallets to promote Apple Pay, Android Pay and Samsung Pay. This could potentially double the user count for these mobile wallets in the next 12 months.

To further drive adoption, Samsung and Android have introduced new features in their mobile wallets. Samsung Pay now allows users to load and redeem gift cards, as well as make online purchases. Android Pay has integrated loyalty and rewards programs, allowing consumers to link email offers to transactions and receive location-based notifications for reward redemption. These features, among others, may be the helpful nudge some consumers need to hop on the mobile payments bandwagon.

Although usage rates for mobile payments remain low, there is still a good chance these solutions will appeal to mainstream consumers. Samsung Pay and Android Pay have already begun to implement new features, including location-based notifications and gift card redemption capabilities, to drive adoption. These efforts and Chase Pay’s launch could be the catalysts toward a new era of payments.