According to an online survey of 1,270 adults by YouGov and ACI Worldwide, 62% of adults in the U.S. are concerned with the security of their financial data at fuel pumps and convenience stores.
ACI Worldwide is a global provider of real-time electronic payment and banking solutions. The study, which surveyed shopping and payment habits of Americans at grocery stores and fuel and convenience stores, also noted that few respondents (7%) prefer to pay with a mobile app at fuel and convenience stores. Yet, of those who have used a mobile app (10%), four in five (83%) are satisfied with their experience, in terms of speed and convenience.
“Skimming devices at gas pumps are frequently used to steal consumers’ financial data, hence the high level of concern with data security at gas pumps,” said Benny Tadele, vice president of Merchant Solutions for ACI Worldwide. “However, few consumers are aware that digital wallet payments are not only faster and easier, but they are generally more secure than traditional methods of payment.”
Other key findings include:
- When it comes to digital payments at the gas pump and/or c-stores, 62% of respondents are concerned with the security of their financial data, and 52% with the privacy of financial data.
- Baby Boomers (70%) are more concerned about the security of their financial data than the younger generations.
- When it comes to the purchasing experience at fuel and convenience stores, more respondents (36%) are only “somewhat satisfied” compared to those who are very satisfied (27%) with their overall payment experience, and 21% are neither satisfied nor dissatisfied.
- More Baby Boomers (69%) are satisfied with their payment experience at gas pumps than the younger generations.
- When asked which method of payment is preferred at fuel and convenience stores, 55% prefer credit or debit card, and 21% prefer cash.
- Regionally, the Northeast respondents prefers credit or debit card the least (47%), compared to the Midwest (64%), the West (56%) and the South (52%)
- In addition, the Northeast prefers cash the most (26%), compared to the Midwest (18%), the West (22%) and the South (21%)
“As Gen Z continues to gain purchasing power, retailers and merchants need to consider offering digital wallet payments as an option or be left out,” said Tadele. “By addressing security through tokenization, point-to-point encryption and fraud prevention and detection tools, merchants are increasing consumers’ confidence in using these convenient channels of payment.”
ACI Worldwide powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities.