Banks still most trusted for payments

The bulk of consumers trust banks most to keep their payments safe, according to a recent survey, while very few trust major retailers or telecom companies to protect their payments.

When asked “Who do you trust most to keep your payments safe?” consumers provided the following answers:

• Banks—75% (73% in 2014)

• Telecom company (e.g., Sprint, Verizon, etc.)—1% (1% in 2014)

• Major retailers—1% (2% in 2014)

• Alternative payment provider (e.g., PayPal, Venmo, etc.)—4% (8% in 2014)

• Unsure—18% (16% in 2014)

The survey also found that 6% of consumers have used a mobile app on their phone to make a payment. Of those who have, the most popular methods are PayPal (4%) and Apple Pay (42%). Google Wallet (11%) 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,” says Doug Johnson, ABA’s senior vice-president of payments and cyber security policy.

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.