While 26 percent of survey respondents said they own an artificial intelligence device (such as Amazon Echo or Google Home), only 60 percent said they were comfortable using the device to make payments or purchase goods. For people ages 25 to 44, the figure increases to 76 percent.
Allen Pettis, executive vice president and chief customer officer at TSYS, said the payment industry is changing rapidly. “Our latest study confirms that consumers are ready for change and adapting to the ever-evolving payments industry as new solutions are introduced.”
Digital wallets are becoming more popular, with 51 percent of those surveyed happy to use a mobile wallet rather than a payment card when checking out at a store. And 68 percent of people who have their debit or credit card loaded to a mobile wallet expect to make at least half of their in-store purchases via digital wallet in the next two years. Twenty-nine percent of respondents said they’d used peer-to-peer payment systems, such as PayPal, Zelle, or Venmo, to pay for a service or product. For the 25-34 demographic, that number is 45 percent.
Still, old habits die hard, and 44 percent of people prefer to pay using a debit card, 33 percent would rather use a credit card, and 12 percent favor cold hard cash. The biggest reason may be that people are worried about security, with respondents ages 55 and older being the most worried. Forty-five percent of that demographic said they were concerned about the security of new payment systems, while only 29 percent of 18 to 24 year-olds were worried about the safety of their data.
The TSYS study was conducted in October 2017 and included responses from 1,200 people ages 18 and older, all of whom had at least one credit card and one debit card.
Read Also Related News
Credit card fraud is an ongoing problem for merchants, consumers and financial institutions alike. According to a wide-ranging Lexis Nexis study, merchants in the United States lose nearly $200 billion a year to credit card fraud, while...
Many people may be familiar with the name Frank Abagnale. Played by Leonardo DiCaprio in the 2002 movie Catch Me If You Can, Abagnale has worked with the FBI for over four decades and advised hundreds of corporations and government...
When you realize your credit card number has been compromised and someone is out there spending money under your name, it’s one of the worst feelings there is. So Discover’s newest fraud-prevention program is good news for anyone who...
If your security code is rubbed out, contact your credit card issuer and explain them your situation. Most likely you will be offered a replacement card. Your credit card issuer will not provide you with the security code over the phone or via email. That's for your own protection.
At my local bank there was an advertisement that if one enrolls in Alaska airline credit card and spends $1000 in the first 3 months then a travel companion could fly free. Is this still in effect? Does it apply to international trips and 1st class? Does the flight need to be Alaska airlines/ Virgin airlines?
Currently, the Alaska Airlines credit card has the following offer: “Annual companion fare from $121 ($99, plus taxes and fees from $22) after you make $1,000 or more in purchases within the first 90 days of your account opening”. This benefit will qualify for a round-trip coach Companion Fare on Alaska...
I once had the US Airways credit card, then the airlines merged with American Airlines and my card transitioned into the AAdvantage MasterCard with a higher annual fee and without companion pass. I use the card one year and then closed it because I don’t fly with American Airline often. Now I am looking for a credit card without an annual fee. What are my options?
You may like one of the regular travel rewards credit cards offered by major banks. Travel rewards credit cards allow earning miles on all purchases. The cards also have one-time sign up bonuses which may be enough for a domestic flight. There are credit offers without annual fees, the other offers come with rather low...
I had the US Airways MasterCard back in 2013 but had to close it because I got divorced and had some troubles with keeping up with my credit cards fees. I’m back on track now and would like to apply for this card again but can’t seem to find it anywhere. Can you help?
The US Airways Premier World MasterCard is no longer offered. US Airways removed their credit card after merging with American Airlines. Today you can apply for one of the AAdvantage credit cards offered by Citi or for a regular travel rewards credit card. Both types of credit cards will allow you to earn miles and redeem...