Toronto — March 28, 2018 — A new Visa survey of 1,000 Canadians exploring perceptions of trust and security around payment methods reveals that security and convenience are the most important factors when choosing a payment method.
Seventy-one per cent of respondents say they use chip-and-pin cards regularly, which is in line with their view that these cards are very convenient (82 per cent) and very secure (74 per cent). Contactless cards are increasingly a preferred way to pay with 52 per cent of respondents saying they use it regularly. In addition, eight-out-of-10 Canadians view contactless cards as a very convenient way to pay, and 45 per cent view it as very secure.
“When making purchases, consumers most often reach for the familiar,” said Gord Jamieson, Head of Risk, Visa Canada. “Canadians gravitate towards chip-and-pin and contactless cards not only because these methods of payment enable a fast and convenient checkout experience but they are also some of the most secure ways to pay at point-of-sale.”
The study also found that familiarity fosters trust. There is a strong relationship between usage and perceptions of security.
These findings may represent a hurdle to the adoption of emerging payment methods. Only 35 per cent of respondents consider digital wallets very secure, followed by mobile apps (34 per cent), peer-to-peer websites (27 per cent), and wearables-based pay (26 per cent). Relatedly, only a small minority of consumers regularly use these new forms of payment like mobile apps (nine per cent), digital wallets (six per cent), peer-to-peer apps (four per cent), or wearables-based pay (three per cent).
“At Visa, we are continuously investing in technology to provide faster, more convenient ways to pay while ensuring that our customers maintain the utmost trust in the security of our products and services,” continued Jamieson. “Emerging forms of payments use the same dynamic security as contact chip cards so while Canadians may see them as less secure than traditional methods at this time, as we have seen with contactless cards, we expect to see that perception change as consumers become more familiar with these new payment technologies.”