According to the 2020 Fraud and Security Survey released by Fiserv, 79% of consumers say that cybersecurity is equally or more concerning that it was for them a year ago.
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“As businesses begin shaping new ecommerce strategies to bring additional digital consumers in, it’s equally critical that businesses maintain consumer trust by securing the customer data they acquire through digital channels.”
Cybersecurity concerns remain as consumers increasingly adopt digital payment methods that facilitate touchless interactions, yet often require consumers to input personally identifiable information (PII) within a digital profile, loyalty account, or for shipping information. Since the onset of the COVID-19 pandemic, 33% of consumers surveyed have increased their use of digital, touchless payments, and 69% plan to use more touchless payments in the future. However, only 23% of consumers believe that their PII is very or extremely secure.
Conducted in the summer of 2020, the study gathered insights from 1,037 Americans ages 18 to 74. The study explores how the uncertainty surrounding the COVID-19 pandemic and how the growth of remote, digital and touchless experiences influences cybersecurity and digital commerce concerns among consumers(Fiserv).
“Shifts in consumer behavior have driven rapid adoption of digital purchasing types that limit physical interactions,” said Alain Barbet, head of Payments Risk Solutions at Fiserv. “As businesses begin shaping new ecommerce strategies to bring additional digital consumers in, it’s equally critical that businesses maintain consumer trust by securing the customer data they acquire through digital channels.”
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Touchless Payments are More than a Flash in the Pan
As the COVID-19 pandemic continues to transform how consumers interact in their daily lives, adoption of digital payment options that minimize physical contact at the point of sale is accelerating. These “touchless” payment capabilities include the use of mobile wallets, in-app purchases, QR Codes, “buy online, pickup in store” (BOPIS), curbside transactions, and other methods of digital payment.
- 33% of consumers said their use of touchless payments has increased due to the pandemic, and 69% plan to use more touchless payment options in the future
- While credit/debit cards (52%) and cash (43%) remain preferred payment types, 33% of consumers use mobile apps for payment; 15% use QR codes
- 43% of consumers recently used BOPIS; 50% have taken advantage of curbside pickup
- The biggest adopters of mobile app payments are Gen-Z (41%)
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