88% of respondents to a survey conducted by Wakefield Research would stop using digital payments if they personally fell victim to cybercriminal activities as a result of a data breach.
Respondents said that they would discontinue use of digital payments if:
- Money was stolen from a linked bank account – 70%
- Unauthorized charges appeared on a linked credit card account – 68%
- A username and password was stolen – 59%
- They experienced increased spam emails – 30%
In the past few years, digital payments have become faster, easier and more convenient for consumers, leading to an increased adoption of these services. The survey revealed that over half (60%) of respondents currently use a method of digital payment, with baby boomers (50%) lagging behind millennials (74%).
Most popular digital payments
The most popular digital payment method was PayPal, currently leveraged by 51% of survey respondents. The next most popular forms of digital payment are as follows:
- Apple Pay (11%)
- Google Wallet (7%)
- Android Pay (6%)
- Chase Pay (6%)
- Samsung Pay (5%)
- Venmo (3%)
Lastly, 40% of Americans do not feel safe using digital payments while traveling.
“It’s easy to see why mobile payments continue to grow in popularity – they are fast and convenient,” said Jose Diaz, director of payment strategy at Thales e-Security. “But results of the survey showed that people have strong doubts about their safety, especially while traveling. The mobile payments industry needs to take note that their future success is based on trust. And that trust can easily fail if they do not provide the strong protection of their infrastructure, transactions and data that customers expect.”