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Cardholders desire security features from their mobile wallets

Summary

The No. 1 desired mobile wallet feature: A ‘No, I didn’t buy that’ button

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For Americans with a credit or debit card, the ability to instantly see, stop and block transactions tops the list of their most desired mobile payment features.

The findings come from an annual survey by TSYS, which reports that 8 in 10 U.S. credit and debit card holders indicated they are interested in or already are using a feature to immediately stop card transactions not made by them. It was the top-ranked feature among 10 included in the survey.

The second and third most popular features were also centered on card security, with 72 percent saying they want to be able to instantly view transactions made with their cards, and 64 percent wanting the ability to turn their card on or off based on parameters of their choosing, such as time of day, location or type of merchant.

Rounding out the top five most desired features were receiving instant offers and promotions for the store they’re currently visiting (59 percent) and being able to store all of their loyalty and rewards cards on their phone (58 percent).

Global payments provider TSYS conducted its seventh annual survey with a representative sample of approximately 1,200 U.S. adults who had both a debit and a credit card. Its resulting 2017 U.S. Consumer Payment Study was released March 27, 2018.

Cardholders want security first from mobile wallets

See related: Credit card on/off switches: More card issuers adding themTo encourage adoption, moblie wallets break out the bonusesPoll: Pay with cash or card for $5 purchase?, More infographics

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Published: April 9, 2018

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