What’s the hold up? Why some consumers don’t use payment options

Concerns about security and a desire to pay the same old way are keeping some from making the most of payment options.

According to recent findings from the Fiserv quarterly consumer trends survey, Expectations & Experiences: Consumer Payments, security, complacency and a general lack of interest are some of the most common barriers to using various payment options.

The survey, conducted online by Harris Poll among 3,031 banking consumers in the U.S., found that while 75 percent of consumers use online banking to access their accounts, some consumers don’t take full advantage of services like mobile banking, person-to-person payments (P2P), e-bills and digital wallets.

What’s behind the hesitation?

Security Concerns Remain for Nonusers of Mobile; Decline Significantly for P2P

Security concerns are by far the most common barrier to mobile banking use with 51 percent of nonusers saying they would be worried about the safety of accessing their financial information through mobile devices. Other concerns, such as preferring to use a computer (42 percent) and the screen not being large enough (22 percent), lag far behind.

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