Consumers Warming to Alternative Payments

US consumers are still somewhat leery, but also more open than in the past, to using alternative methods of payment, according to a new survey conducted by digital security vendor Gemalto and Kelton Research.

The poll surveyed 1,000 US adult consumers about their thoughts on emerging payment technologies. Based on the survey results, Americans are willing to use cash less often, but are still concerned about security when using alternative means. Overall, 75 percent responded that they are willing to use cash less often, the poll found, but 69 and 62 percent are concerned about security when using mobile and contactless card payments, respectively.

Further, 66 percent said they would consider making mobile or contactless card payments more often if they were proven to be secure.

According to the poll, of respondents generally concerned about security, 61 percent are worried about a data breach happening at their bank or at a retailer they frequent. Meanwhile, 90 percent would consider changing banks or would close their accounts right away if their bank was not offering the best security measures.

Almost half of the respondents (44 percent) said they would stop shopping at a retailer right away if that retailer did not accept payments as securely as possible.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio