News

On the question of trust, no payments provider rivals banks

November 1, 2016

New survey results from the American Bankers Association provide an idea of the huge advantage financial institutions hold over other providers when it comes to payments.

The findings reveal 82 percent of consumers trust banks to keep their payments safe. No other payment provider came close to this number, according to an ABA press release.

Following is a breakout of survey-takers responses to the question, "Who do you trust most to keep your payments safe?"

• banks — 82 percent;
• alternative payment providers (e.g., Apple, PayPal, Venmo) — 11 percent;
• telecom companies (e.g., Sprint, Verizon) — 4 percent;
• major retailers — 3 percent.

"Banks always make the safety and security of customer data a top priority," said Steve Kenneally, ABA vice president of payments and cybersecurity policy, in an announcement. "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."

The survey also found 21 percent of consumers have used a mobile app to make a payment. The most popular apps were PayPal (65 percent), Apple Pay (34 percent), and Android Pay (32 percent).

The survey of 1,000 U.S. adults was conducted for ABA on Aug. 8–10 by independent market research firm Ipsos Public Affairs.