Customers may be more likely to use a mobile wallet service from their main financial service provider – if they were available – but the trust advantage banks hold is rapidly waning as more innovative and popular providers wade into the market.

This is one of the main findings of a new report from Javelin Strategy, which compares the relative merits of the “Gang of Five” – Apple, Google, Amazon, Facebook and PayPal/eBay – in the nascent mobile wallet space, as well as weighing up the strength of traditional financial institutions (FIs).

One obvious advantage of the Big Five – particularly Facebook, Google (via Android) and Apple – is the size of their customer base, which runs into the hundreds of millions. They also have developed ecosystems that comprise apps, games, products, books and films.

When it comes to mobile wallet services, however, Javelin found that 43 per cent of survey respondents (from the US) said they were likely – or very likely – to use their primary FI.

However, the brand edge that FIs might have on trust looks to be slipping. Of the Gang of five, Javelin finds that PayPal is making the most progress in catching up, with 34 per cent of survey respondents saying it was the most trusted brand surveyed among the five.

Moreover, Javelin says each of the Gang of Five is posting gains in consumer privacy protection perceptions, unlike the legacy finance brands.

Add in the comparatively high regard that customers already have for the Big Five on innovation, and they look in a strong position to capture share of mobile wallet early adopters.

The research company singles out PayPal for particular praise, highlighting its progress over the last year which has seen it propelled into the “gold zone” of Javelin’s TIP (trust, innovation and privacy) model for mobile wallets.