ADVERTISEMENT

Young consumers most cautious about online payments

By  |  Published: April 10, 2017

Sabrina Karl
Personal Finance Writer
Data whiz and visual storyteller

 

While millennials may be comfortable with a digital life, they are also wary, survey findings from TransUnion show. Young consumers are easily the most cautious generation about making safe payments for their purchases.

When asked whether they had ever forgone making a purchase because the available payment options didn’t feel sufficiently secure, 68 percent of respondents age 18-34 said they had, while just over a quarter of those 55 or older (28 percent) had abandoned a purchase for this reason.

The credit reporting agency also asked consumers to indicate which payment methods they feel are most secure. PayPal was the landslide winner across all age groups, with 52 to 64 percent of respondents saying they trust the payment service’s security.

After PayPal, millennials showed substantially more confidence than older generations in all of the mobile pay options – such as Visa Checkout, Google Wallet, Apple Pay, Samsung Pay and Android Pay – while older consumers reported more faith than millennials in direct bank transfers and chip cards.

In an interesting twist on perceived card security, millennials actually had more confidence than older Americans in pre-chip magnetic stripe cards. It appears that millennials find chip cards just marginally more secure than mag stripe cards, whereas older generations appear to believe chip cards represent a significant security boost over older cards.

What is perhaps not surprising is that, the older the respondent, the more likely they were to say none of the listed methods were secure, from 5 percent of millennials to 10 percent of those age 35-54 to 15 percent of those age 55 or older.

TransUnion’s online survey collected responses from 1,050 U.S. consumers age 18 and older. It was conducted in February with results released March 15, 2017.

 

See related: Millennials strongly prefer cards, Mobile credit card application is safe -- and easier now, More infographics

To use the graphic on your site, use the following code:

 <center><a href="http://www.creditcards.com/credit-card-news/infographic-red-flags-deter-millennials.php"><img alt="CreditCards.com Infographic: Red flags deter millennials most" border="0" src="http://www.creditcards.com/credit-card-news/images/infographic-red-flags-deter-millennials-most.png" /></a> </center>

ADVERTISEMENT
ADVERTISEMENT

Join the discussion
We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company's business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.




Updated: 08-20-2017

ADVERTISEMENT


Weekly newsletter
Get the latest news, advice, articles and tips delivered to your inbox. It's FREE.


ADVERTISEMENT