Diversity is a key request among retail customers when it comes to electronic payments.
A national survey conducted by Morning Consult and released by the Electronic Payments Coalition reveals trends in consumer attitudes toward cybersecurity and electronic payments.
Of the 2,028 registered voters surveyed, 75% agree stores should move as quickly as possible to adopt new forms of electronic payments that would help protect consumer information. Over six in 10 voters (63%) say stores and retailers should offer a number of payment types that consumers think are secure, compared to less than two in 10 (19%) that say stores or retailers should only accept payment types that store prefers.
“The poll clearly shows that choice and security are customers’ priorities when making electronic payments. Consumers want diversity in payment options, which serves the dual purpose of giving customers what they want at the register and decreases the likelihood of security breaches,” said Molly Wilkinson, executive director of the Electronic Payments Coalition (EPC). “Retailers and the payments industry must work together to serve their customers’ best interests and protect their information—any push to mandate only one form of payment will not protect consumers from fraud.”
The survey also shows:
- a majority of consumers are satisfied with their banks (81%) and credit card companies (76 percent)
- 79% are satisfied with the security of their financial information at their bank
- 86% are satisfied with the ease of making a purchase with their credit card eight in 10 (77%) are satisfied with the security of their financial information when using their credit card
- 90% of consumers agree stores and retailers should be held to the same standards as banks and financial institutions to keep customer data secure
- 83% agree that while retailers may prefer a particular form of electronic payments, they should look at adding more options for their customers
EPC and its members are committed to providing consumers with secure electronic payment methods and to supporting innovation to increase security. One step toward greater consumer protection is required notification of data breaches and access to credit monitoring. President Obama’s proposal to inform consumers of data breaches is favored by six in 10 of voters surveyed—with support extending across party lines—with 51% of Republicans and 72% of Democrats saying required notification of breaches will make their personal financial information more secure.
Morning Consult conducted a national survey of 2,028 registered voters from Jan. 21-24, 2016. Results have a margin of error of ±2 percent.
