While millennials may be comfortable with a digital life, they are also wary, survey findings from TransUnion show. Young consumers are easily the most cautious generation about making safe payments for their purchases.
When asked whether they had ever forgone making a purchase because the available payment options didn’t feel sufficiently secure, 68 percent of respondents age 18-34 said they had, while just over a quarter of those 55 or older (28 percent) had abandoned a purchase for this reason.
The credit reporting agency also asked consumers to indicate which payment methods they feel are most secure. PayPal was the landslide winner across all age groups, with 52 to 64 percent of respondents saying they trust the payment service’s security.
After PayPal, millennials showed substantially more confidence than older generations in all of the mobile pay options – such as Visa Checkout, Google Wallet, Apple Pay, Samsung Pay and Android Pay – while older consumers reported more faith than millennials in direct bank transfers and chip cards.
In an interesting twist on perceived card security, millennials actually had more confidence than older Americans in pre-chip magnetic stripe cards. It appears that millennials find chip cards just marginally more secure than mag stripe cards, whereas older generations appear to believe chip cards represent a significant security boost over older cards.
What is perhaps not surprising is that, the older the respondent, the more likely they were to say none of the listed methods were secure, from 5 percent of millennials to 10 percent of those age 35-54 to 15 percent of those age 55 or older.
TransUnion’s online survey collected responses from 1,050 U.S. consumers age 18 and older. It was conducted in February with results released March 15, 2017.
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