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Privacy Concerns Top The List Of Reasons For Sticking To Traditional Payment Methods
20 Apr
Studies show that several emerging payment options are gaining acceptance among consumers, but not everyone is on board with the rapid pace of technology and the new ways to pay for purchases. The latest TSYS U.S. Consumer Payment Study found that willingness to use artificial intelligence-powered personal assistants, peer-to-peer payment systems, and digital wallets was highest among younger people (ages 25 to 34) and that concerns about privacy and security were foremost among reasons folks were reluctant to use them.

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.

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