A recent poll conducted with over 2,000 global consumers has revealed contrasting opinions between customers in the US and the UK about credit card purchases.
Over 40% of UK customers believe that credit card payments are the safest way to make in-store payments, while less than 20% in the USA have confidence in making credit card payments in-store.
Similarly, 53% of UK customers believe that credit card payments for online purchases were the safest method of payment, while only 37% of US consumers felt this way.
Are customers in the UK more naive to the increasing threat of credit card data theft?
This difference in opinion could possibly be due to the spate of large-scale retail data breaches recently revealed in the US, where stringent payment card data breach notification laws are in force in many states – legislation that is sorely lacking in the UK.
It is also worth noting that the ‘chip and pin’ technology widely adopted by UK credit card providers has yet to reach the US, which could be another reason why data breaches appear to be more prevalent in the US.
One has to wonder whether customers will maintain similar confidence levels if payment card data breach notification laws were in place in the UK. Improved legislation will result in retailers disclosing compromised credit cards whenever there is a data breach, and might result in consumers being more aware of credit card data breaches.
The survey also revealed that only 35% of UK customers believe that paying in cash is the safest way of shopping in stores, while more than 60% in the US believe that cash payments are the safest way of paying for purchases.
It also appears that scepticism about new payment technologies is a global concern, with only 1% of consumers having confidence in mobile payments, such as Apple Pay or Google Wallet, as a safe method of making payments in-store.
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