Consumers Trust Banks Most to Keep Their Payments Safe

Monday, December 28 at 07:00 AM
Category: Personal Finance

An overwhelming majority of consumers – 75 percent – trust banks most to keep their payments safe, according to a recent survey from the American Bankers Association. Only 1 percent of consumers trust major retailers or telecom companies to protect their payments.

“It’s no surprise that consumers trust banks the most with their payments,” said Doug Johnson, ABA’s senior vice president of payments and cybersecurity policy. “Banks have a long history of protecting their customers’ money whether in the vault or online. Banks are the gold standard in security and customers know their money is safe when it’s with the bank.”

When asked, “Who do you trust most to keep your payments safe?” consumers provided the following answers:
  • Banks – 75 percent (73 percent in 2014)
  • Telecom Company (e.g., Sprint, Verizon, etc.) – 1 percent (1 percent in 2014)
  • Major Retailors – 1 percent (2 percent in 2014)
  • Alternative Payment Provider (e.g., PayPal, Venmo, etc.) – 4 percent (8 percent in 2014)
  • Unsure – 18 percent (16 percent in 2014)
The number of people who trust major retailers with their payments declined from 2 percent in 2014 to 1 percent in 2015.

The survey also found 6 percent of consumers have used a mobile app on their phone to make a payment. Of those who have, the most popular methods are PayPal (45 percent) and Apple Pay (42 percent). Google Wallet (11 percent) is the third most popular mobile payment app.

“Using your phone to make a payment is still relatively new, but as the industry moves toward the use of new technologies like tokenization and biometrics to make payments safer, we expect the popularity of mobile payments to grow,” said Johnson.

As this recent study showed, consumers trust banks most to keep their payments safe. 

The annual survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, July 8-13, 2015.

Article courtesy of American Bankers Association. 

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