When it comes to retail shopping, cash is still king to consumers as far as choosing a safe payment option, according to a new study from the Walker Sands marketing research firm. Fifty six percent of consumers say cash is the most secure method, ahead of debit and credit cards (38 percent), and mobile payments (1 percent).
Despite more than half of consumers saying cash is most secure, 59 percent of consumers carry just $20 or less while shopping. The use of cash is dropping as more consumers rely on debit and credit card payments because of it being extremely easy to use - and mobile payment supporters hope a similar trend will take place in the future.
"Consumer fears around security and privacy have plagued mobile payment adoption," said Michelle Evans, senior consumer finance analyst at Euromonitor International, in a statement published by MainStreet. "The unfamiliarity and complexity of the mobile device creates security and privacy concerns for consumers who want to be confident that their personally identifiable information and financial details are protected."