What’s behind a rapid shift in payment preferences – and what it means for credit unions

When making payments, consumers play it safe. New research from Fiserv shows security concerns are shaping how people pay, evidenced by a rapid shift in preference for chip cards.

Nearly a third of consumers (32 percent) see EMV^® chip cards as the most secure payment method – second only to cash (42 percent), according to Expectations & Experiences: Household Finances, the most recent quarterly consumer trends survey by Fiserv conducted by The Harris Poll. That may be driving new perceptions of chip cards, which are now the most preferred payment method (36 percent).

At the same time, security is the most common reason 64 percent of debit or credit card holders receive some type of transaction alerts for their cards. And 66 percent would be interested in additional tools to safeguard mobile activity.

 

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