Survey: Eight in 10 Trust Banks Most for Payment Safety

An overwhelming majority of consumers — 82 percent — say they trust banks most to keep their payments safe, according to an Ipsos survey released by the American Bankers Association today. Only 11 percent said they trust alternative payment providers like Apple, PayPal or Venmo most, while 4 percent said they trust telecommunications companies and a mere 3 percent preferred retailers.

“Banks always make the safety and security of customer data a top priority,” said ABA VP Steve Kenneally. “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 that about one-fifth of consumers have used a mobile app on their phone to make a payment. Of those who have, the most popular methods are PayPal (65 percent), Apple Pay (34 percent) and Android Pay (32 percent).