Payment services firm TSYS conducted the 2016 Consumer Payment Study to find out whether consumers prefer to use cash, mobile wallets, PayPal, credit cards or other payment methods when buying thing online, versus in brick and mortar stores.
Overwhelmingly, folks said that they feel most secure using payment cards of some sort to pay for things, no matter where they are. More than two-fifths of respondents said that given the choice between a debit card and a credit card when paying for purchases online, they would choose to use their credit card. Thirty-five percent of people said that when checking out at a physical store, a credit card is also the safest way to pay.
When paying online, a surprisingly low percentage of people prefer to use PayPal – it came in a distant second to credit cards. Debit cards were the safest payment method online, according to 12% of survey respondents, and 18% said they were the best choice when paying in a brick and mortar store.
One-tenth of respondents expressed no preference either way, indicating they felt that cash, credit cards, and debit cards were all equally safe payment methods in any retail environment.
Changes over the years
In 2013, 33% of people preferred to pay by credit card, overall. Three years later, that percentage has jumped to 40%. Cash has been the preferred payment method by 10% of those surveyed, in both 2013 and 2016.
Name recognition seems to play a part in how much people trust their credit card issuer; 71% of folks said that when using mobile payments, they would prefer to use a mobile wallet backed by a bank with which they were familiar.
The preference for using credit cards may not only be due to security concerns, but also because credit cards offer rewards programs and cash back offers that make them attractive to use for many folks. Combined with benefits such as extended warranties, price guarantees, and purchase protection, credit cards clearly have the edge for many consumers.
Read Also Related News
Tis the season to spend money we may not have on things we may not need. As the winter holidays approach, many kids are preparing their letters to the North Pole and dreaming of the presents they hope will be under the tree on Christmas...
If you’ve ever had trouble making – and sticking to – a budget, you’re not alone. A recent survey showed that while 92 percent of Americans believe everyone needs a budget to keep their finances in order, only 70 percent are...
If you’re trying to plan for your financial future, you are probably trying to balance a few different priorities. Putting money aside for retirement, managing any investments you may have, and paying off debt are just a few of the...
I need a credit card with a 0% APR to consolidate several of my credit cards into one payment. Please advise what card I can apply.
There are special credit cards that allow consolidation of other cards’ debts - the balance transfer credit cards. These cards usually come with a 0% intro APR on balance transfer offer. The zero introductory period varies, but as a rule it is between six months and two years. So you can find a credit card with...
The easiest way to find out if you have credit accounts under your name is to request a copy of all your three credit reports: Experian, Equifax, and TransUnion. The reports contain information about active credit accounts, its issuers, and the information about credit accounts balances. If you want to protect yourself...
To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.
The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...