Academic journal article ABA Banking Journal

When It Comes to Payment Security, Consumers Trust Banks Most

Academic journal article ABA Banking Journal

When It Comes to Payment Security, Consumers Trust Banks Most

Article excerpt

An overwhelming 75 percent of consumers trust their banks to keep their payments safe, according to a recent ABA survey conducted by Ipsos Public Affairs. Banks were by and large the most trusted entity, surpassing telecom companies (1 percent), major retailers (1 percent) and alternate payment providers like Paypal, Venmo and others (4 percent) by significant margins. Major retailers and alternate payment providers both saw declines in consumer confidence from a previous survey conducted in 2014.

"It's no surprise that consumers trust banks the most with their payments," says Doug Johnson, ABA SVP 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."

The survey also pointed out that mobile payment apps--like PayPal or Google Wallet--have been slow to catch on with consumers, with just 6 percent of consumers reporting that they have used a mobile payments app in the past year. Of those who have, the most popular payment methods are PayPal (45 percent) and Apple Pay (42 percent). …

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