Consumers Want Innovative Security Measures at a Register
Four out of every five consumers (82%) want to choose what sort of payment technology they can use at the register, according to a new study by Morning Consult.
The company surveyed 2,028 registered voters, and 75% said stores should move as quickly as possible to adopt new electronic payment forms that would protect payment information. The respondents also said stores should offer the payment types that customers consider secure (63%) instead of what the retailer wants to use (19%).
“The poll clearly shows that choice and security are customers’ priorities when making electronic payments. Consumers want diversity in payment options, which serves the dual purpose of giving customers what they want at the register and decreases the likelihood of security breaches,” said Molly Wilkinson, executive director of the Electronic Payments Coalition (EPC). “Retailers and the payments industry must work together to serve their customers’ best interests and protect their information—any push to mandate only one form of payment will not protect consumers from fraud.”
Other key findings include:
- Most consumers are satisfied with their banks (81%) and credit card companies (76%)
- The majority of survey respondents are satisfied with the security of their financial information at their bank (79%).
- 86% of consumers said they are satisfied with the ease of credit card transactions. 77% believe these transactions are secure.
- Nearly all respondents (90%) believe retailers should be held to the same security standards as banks and financial institutions.
- 83% of consumers believe retailers should be adding more payment options for customers.