Are people comfortable using payment apps? In general, many people are, but many are not so sure.
In the Center’s Study of the Future of Money and Banking, we asked people whether they agreed or disagreed with the following statement: I feel secure in linking my bank account and credit cards with the payment apps.
Overall, 31% of respondents agreed somewhat and 14% agreed strongly with the statement.
On the other hand, 16% disagreed strongly and 14% disagreed somewhat (and 25% neither agreed nor disagreed).
The main factor differentiating the more versus the less comfortable with the security of linking bank accounts and credit cards with payment apps was age.
Let’s compare the percentage in six age categories of those who agreed somewhat or strongly with the statement versus those who disagreed somewhat or strongly.
For those aged 18-24, 56% agreed somewhat or strongly and 20% disagreed somewhat or strongly. For those in the 25-34 year old group, the numbers are 54% versus 23%. The percentages are 52% and 21% for the 35 to 44 year old set.
For those aged 45 to 54, 47% agreed somewhat or strongly and 34% disagreed somewhat or strongly with the statement. Thirty-nine percent of those aged 55 to 64 agree somewhat or strongly, and 31% disagree somewhat or strongly.
The least comfortable were those in the oldest group, those aged 65 and above, with just 28% agreeing somewhat or strongly with the statement and 45% disagreeing somewhat or strongly.
In general, the younger were more comfortable, and the older less so.
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September 24, 2018