Study: The demographics most at ease with payment options
According to a new report out from Bizrate Insights most online shoppers (76%) surveyed are ‘dissatisfied’ with either the security for their credit card or personal information online. In fact 72% place their personal bank as their most trusted data source.
“Among these tech transactional titans, it is those that have low barriers for usage and that have put consumer protection in the forefront, that have earned the greatest amount of trust,” says Hayley Silver, VP of Bizrate Insights, a division of Connexity. “Paypal ranking number two, and with greater than 50% trust from the younger generations, could be a ‘Major Opportunity’ that deserves more investigation among its customer base. With low barriers to usage and such high levels of trust, PayPal could make a strong case to add a wallet-less payment option to its arsenal.”
Some interesting takeaways from the report include:
• 48% trust PayPal, 45% trust Amazon
• 21% trust Apple and American Express
• 18% trust eBay
• Men are more likely than women to trust Google, eBay
• 50% of Gen Yers trust their bank, PayPal and Amazon
• 50% of Gen Xers trust their bank and PayPal
• 50% of Seniors trust their bank
While trust is an issue, trust isn’t holding many shoppers back from using their devices to shop this holiday season. According to comScore more than $35 billion has been spent online so far this holiday season, a 15% increase of 2013 shopping numbers. There have been 4 individual days that have topped the $1 billion mark in spending.
