Industry News

US: banks still most trusted for payments – report

The majority of consumers trusts banks most when performing payments and the very few trust major retailers or telecom companies to protect their payments, a recent research study reveals.

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)

Moreover, 6% of consumers have used a mobile app on their phone to make a payment, according to a recent research study issued by Ipsos Public Affairs, a market research company, and commissioned by ABA, banking reports.

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. The annual survey was carried out on 1,000 US adults between July 8-13, 2015.

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