ETA Releases Survey on Mobile Payments and Payments Security

ETA recently conducted a national survey on consumer attitudes towards mobile payments and payments security. Overall, consumers are embracing EMV but still have concerns about the safety of their financial data. Additionally, consumers have embraced using mobile devices to make payments, but have been slow to adopt “tap and pay”. An overview of the key findings can be found below.

Half have received their EMV credit/debit card and are worried about security

Half of voters (52%) have received their EMV credit or debit card but 39% say they have not.  Of all voters, 8  in 10 (81%) say they are concerned about the security of their financial information, but only 3  in 10 (32%) believe their data will be more secure with their new chip card. Overall, 61% are concerned about fraudulent charges made to their cards, while 32% say they are not concerned. Consequently, 6  in 10 consumers (58%) say they are ok waiting at the checkout line a little more because of the added security benefits of the EMV chip cards, while one in ten (13%) say we should still use regular magnetic stripe cards, even if they are less secure.

Consumers are using mobile technology to make payments, but using “tap and pay” less

One in two consumers (50%) say they have used a mobile device such as a tablet or smart phone to make a purchase in the past year. It’s important to note that roughly 72% of respondents age 18-44 have used a mobile device to make a payment. However, only one in ten consumers (10%) have used ‘tap and pay’ mobile wallets in the past year. Consumers are also aware that mobile wallets such as Apple Pay and Android Pay utilize Near Field Communication (NFC) security. Four in ten Consumers (43%) say they are aware that it is the same technology used in EMV credit/debit cards.

Consumers are not using mobile devices for security reasons and ease of use

When asked for possible reasons why Consumers would not use ‘tap and pay,’ most Consumers chose “data security” (39% selected) as a concern. Consumers also said that using a credit or debit card is easier (35%) as a reason why they would not use ‘tap and pay’ and 27% say swiping a credit or debit card is easier.

Important highlights

  • If two stores offer a similar price on a product or service, the most important factors when deciding which store to shop at, according to consumers, are:
  • Convenience (50%)
  • Personal information security (28%)
  • Brand loyalty (13%)
  • Three in ten (31%) consumers say the security of the payment method is the most important factor when deciding how to pay for a purchase
  • Nearly one in four consumers (25%) have been impacted by a data breach at a store or retailer in the past year.

ETA conducted a national survey of 1,973 registered from January 21-24, 2016. The interviews were conducted online and the data were weighted to approximate a target sample of registered Consumers based on age, race/ethnicity, gender, educational attainment, region, annual household income, home ownership status and marital status. Results from the full survey have a margin of error of plus or minus 2 percentage points.

About ETA
The Electronic Transactions Association (ETA) is the global trade association representing more than 550 payments and technology companies. ETA members make commerce possible by processing more than $5 trillion in purchases in the U.S. and deploying payments innovations to merchants and consumers. For more information visit www.electran.org.