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Security Of Digital Payments Not A Major Concern Of Consumers

November 5, 2015: 12:00 AM EST
Researcher Mintel reports that, despite huge security breaches involving the personal data of tens of thousands of American consumers, use of credit and debit cards has not slowed appreciably in the past couple of years. Only 29 percent of consumers have turned to cash payments so far in 2015, compared to 42 percent in all of 2014. The fact is, consumers like to use cards because they are convenient, they offer a way to track spending, and they offer rewards. Banks meanwhile are busy sending the more secure chip cards to customers, use of secure online and mobile banking is at an all-time high, and consumers are getting acclimated to using the new smartphone retail payment systems.
Susan Wolfe, "Data Breaches Leave Mobile Payment Consumers Looking For Rewards Over Security", Blog, Mintel, November 05, 2015, © Mintel Group Ltd.
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