Survey results have determined voters still prefer bank institutions over retailers with regard to developing payment technologies and protective initiatives.
The effort executed by Morning Consult showed four in five voters agree stores should update their technologies to ensure customers have a range of payment options at the register and retailers should share in the infrastructure fees that make electronic payments possible.
The numbers determined at least 70 percent of voters trust banks, credit unions, credit card companies and other financial institutions to innovate payment technology, with one in two trusting these entities the most.
But retailers have seen a 15 percent drop in voter trust when it comes to payment technology innovation, officials said.
“Financial institutions continue to develop new technologies to make electronic payments quicker, safer, and more convenient—all of which make retailers’ and consumers’ lives better,” Jeff Tassey, chairman of the board of the Electronic Payments Coalition (EPC), said. “However, the onus is on retailers to step up and protect their customers at the checkout. As the recent data breach at Lord & Taylor showed, retailers must be proactive and do their fair share by updating their technology and safeguarding sensitive payment card information.”
Morning Consult officials said the work on behalf of the Electronic Payments Coalition involved engaging 1,994 registered voters in survey interaction from April 4-6, 2018.