CCR Magazine

You are here  :Home arrow News arrow Survey: Consumers Trust Banks Most to Keep Their Payments Safe
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


Survey: Consumers Trust Banks Most to Keep Their Payments Safe PDF Print E-mail
Wednesday, 28 October 2015
An overwhelming majority of consumers -- 75 percent -- trust banks most to keep their payments safe, according to a recent survey from the American Bankers Association. Only 1 percent of consumers trust major retailers or telecom companies to protect their payments.

“It’s no surprise that consumers trust banks the most with their payments,” said Doug Johnson, ABA’s senior vice president of payments and cybersecurity policy. “Banks have a long history of protecting their customers’ money whether in the vault or online. Banks are the gold standard in security and customers know their money is safe when it’s with the bank.”

When asked “Who do you trust most to keep your payments safe?” consumers provided the following answers:

• Banks – 75 percent (73 percent in 2014)
• Telecom Company (e.g., Sprint, Verizon, etc.) – 1 percent (1 percent in 2014)
• Major Retailors – 1 percent (2 percent in 2014)
• Alternative Payment Provider (e.g., PayPal, Venmo, etc.) – 4 percent (8 percent in 2014)
• Unsure – 18 percent (16 percent in 2014)

The number of people who trust major retailers with their payments declined from 2 percent in 2014 to 1 percent in 2015.

The survey also found that 6 percent of consumers have used a mobile app on their phone to make a payment. Of those who have, the most popular methods are PayPal (45 percent) and Apple Pay (42 percent). Google Wallet (11 percent) is the third most popular mobile payment app.

“Using your phone to make a payment is still relatively new, but as the industry moves toward the use of new technologies like tokenization and biometrics to make payments safer, we expect the popularity of mobile payments to grow,” said Johnson.

The annual survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, July 8-13, 2015.

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197