A majority of consumers across all age groups trust banks the most to keep their payments safe than alternative payment providers, retailers and telecommunications companies, according to a recent ABA/Morning Consult poll. Fifty-nine percent of consumers said they trusted banks the most to safeguard their payments, compared with just 12 percent who said they trust alternative payment providers like Apple, Paypal or Venmo most. Only 4 percent said they trust major retailers such as Walmart or Macy’s, and two percent said they trust telecom companies like Sprint or Verizon.
“Across the board, banks continue to set the gold standard for payments security,” said ABA VP Steve Kenneally. “As new payment options enter the marketplace, consumers remain confident in their bank’s ability to secure their data and provide safe and convenient payment options for everyday transactions.” Kenneally also noted that banks are employing new technologies such as Zelle — which allows consumers to send money instantly through participating banks’ mobile apps — to facilitate safer, more convenient payments.
The survey also found that consumers are increasingly embracing mobile payments technologies, with 1 in 4 reporting that they have used an app like Zelle or Venmo. Young adults between ages 18 and 29 were most likely to use mobile payments apps compared to other generations.