ABA: Survey Shows Consumers Trust Banks Most To Keep Their Payments Safe

Twenty-one percent of consumers have used mobile app to make payment

WASHINGTON — An overwhelming majority of consumers — 82 percent — trust banks most to keep their payments safe, according to a recent survey from the American Bankers Association. Only 3 — 4 percent of consumers trust major retailers or telecom companies to protect their payments.
“Banks always make the safety and security of customer data a top priority,” said Steve Kenneally, ABA’s vice president of payments and cybersecurity policy. “Even as more and more payment providers enter the marketplace, consumers remain highly confident in their banks’ ability to transmit their payments safely and securely.”

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

  • Banks — 82 percent
  • Alternative Payment Provider (e.g., Apple, PayPal, Venmo, etc.) — 11 percent
  • Telecom Company (e.g., Sprint, Verizon, etc.) — 4 percent
  • Major Retailors — 3 percent
Kenneally also noted that many banks have enhanced their security features to include a chip on their payment card. The chip —  a small, metallic square on the front of the payment card — assigns a one-time code for each transaction, and makes it nearly impossible for fraudsters to create counterfeit cards.
The survey also found that 21 percent of consumers have used a mobile app on their phone to make a payment. Of those who have, the most popular methods are PayPal (65 percent) and Apple Pay (34 percent). Android Pay is the third most popular mobile payment app (32 percent).
The survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, Aug. 8-10, 2016.
About the Survey
These are some of the findings of an Ipsos poll conducted August 8-10, 2016. For the survey, a national sample of 1,000 adults aged 18 and older were interviewed online. Weighting was employed to balance demographics and ensure that the sample’s composition reflects that of the universe. A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of +/- 3.1 percentage points 19 times out of 20 of what the results would have been if the entire population of adults aged 18 and older in the United States had been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.