New research reveals more than half of consumers believe they would change their purchasing behavior at a retailer if they knew its systems had been hacked and credit card data stolen. Fifty-five percent of U.S. consumers would return to cash payments at checkout and 20 percent would take their shopping elsewhere.
The finds come from a recent Thales e-Security + Vormetric survey.
If a retailer had been hacked and had customer credit card information stolen at some point, which of the following best describes how you would react?
• 20% – I would not shop there anymore
• 55% – I would shop there but only using cash, not debit, mobile or other payments
• 25% – I would shop and use all payment methods there as usual
According to the survey, more than 90% of consumers who plan to buy holiday gifts will use a credit card, debit card or mobile device like a smartphone. This surpasses 56 percent of consumers who plan to use cash. Even though the use of mobile wallets is on the rise due to speed and ease of use, only 16 percent of U.S. consumers plan to use mobile payments this season.
Which of the following payment methods do you plan to use for your holiday purchases this year? (Survey allowed for multiple answers to fully capture consumer preferences)
• 59% – Debit card
• 56% – Cash
• 54% – Credit card
• 32% – Gift cards
• 16% – Mobile payment, such as Apple Pay or Android Pay
The switch to online and mobile device shopping and payments has gained serious ground against brick-and-mortar. In the U.S., physical stores are in the lead, but just barely. Sixty-six percent of U.S. consumers intend to visit a store to buy holiday gifts, while 64 percent will purchase on a desktop or laptop computer. One-third of holiday shoppers will use a mobile device, such as a smartphone or tablet.
Which of the following, if any, describe how you will be making your holiday purchases this year? (Survey allowed for multiple answers to fully capture consumer preferences)
• 66% – At a store’s physical location
• 64% – On a desktop or laptop computer
• 33% – On a mobile device, smartphone or tablet
• 8% – I do not plan to do any holiday shopping this year