Report: Credit Cards Exert Online Dominance in U.S., Consumers Still Skittish of Mobile Wallets
Oct. 1, 2015
For online shopping, cards—especially credit cards—continue to dominate, according to the results of a new study on the payment preferences of U.S. consumers. In the TSYS 2015 Consumer Payment Choice Study, 43 percent of American shoppers said they prefer to use credit cards when online shopping compared with 30 percent who chose debit cards, 14 percent who identified PayPal and 3 percent who preferred cash. The Columbus, Ga.-based company broke out online travel spending from online shopping, where the results were slightly different (36 percent chose credit cards, 17 percent preferred debit and only 2 percent used PayPal).
Mobile wallets, which have been touted and have floundered for years, have gotten a shot in the arm in the past year with the introduction of Apple Pay , Android Pay and Samsung Pay . But, according to the survey results, consumers are still not sold. Only 8 percent have loaded credit card information into a mobile device or application for the purpose of making a purchase. Twenty-seven percent said they will never load a credit card into a mobile wallet and an additional 19 percent said they are not likely to do so. For debit cards, the numbers are very similar. Twenty-eight percent will never load their cards into a mobile device, 18 percent are unlikely to do so and only 10 percent have already done so.