New Data Shows Consumers Want Innovative Options to Stay Protected at the Register

82 percent of voters agree that consumers should have a choice about
what type of payment technology they want to use, according to a new
Morning Consult poll

WASHINGTON–(BUSINESS WIRE)–Almost one year after President Obama’s Summit on Cybersecurity and
Consumer Protection, this new survey reveals consumer attitudes toward
cybersecurity and electronic payments. Of the 2,028 registered voters
surveyed, 75 percent agree stores should move as quickly as possible to
adopt new forms of electronic payments that would help protect consumer
information. Over six in 10 voters (63 percent) say stores and retailers
should offer a number of payment types that consumers think are secure,
compared to less than two in ten (19 percent) that say stores or
retailers should only accept payment types that store prefers.

“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.”

The survey also shows:

  • a majority of consumers are satisfied with their banks (81 percent)
    and credit card companies (76 percent)
  • 79 percent are satisfied with the security of their financial
    information at their bank
  • 86 percent are satisfied with the ease of making a purchase with their
    credit card
  • eight in 10 (77 percent) are satisfied with the security of their
    financial information when using their credit card
  • 90 percent of consumers agree stores and retailers should be held to
    the same standards as banks and financial institutions to keep
    customer data secure
  • 83 percent agree that while retailers may prefer a particular form of
    electronic payments, they should look at adding more options for their
    customers

EPC and its members are committed to providing consumers with secure
electronic payment methods and to supporting innovation to increase
security. One step toward greater consumer protection is required
notification of data breaches and access to credit monitoring. President
Obama’s proposal to inform consumers of data breaches is favored by six
in 10 of voters surveyed—with support extending across party lines—with
51 percent of Republicans and 72 percent of Democrats saying required
notification of breaches will make their personal financial information
more secure.

Morning Consult conducted a national survey of 2,028 registered voters
from January 21-24, 2016. Results have a margin of error of ±2 percent.
More information is available at www.electronicpaymentscoalition.org
and see the infographic here: http://www.electronicpaymentscoalition.org/resource/infographic-consumers-want-choices/.

About the Electronic Payments Coalition

The Electronic Payments Coalition (EPC) includes credit unions, banks,
and payment card networks that move electronic payments quickly and
securely between millions of merchants and millions of consumers across
the globe. EPC’s goal is to protect the value, innovation, convenience
and competition in today’s growing electronic payments system. EPC
educates policymakers, consumers and the media on the system’s role in
economic growth, and the importance of protecting consumer choice and
stability for the continued growth of global commerce.

Contacts

Electronic Payments Coalition (EPC)
Kasia Mulligan, 202-627-0544
kmulligan@electronicpaymentscoalition.org

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