Cardholders desire security features from their mobile wallets

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Sabrina Karl

Personal Finance Writer
Data whiz and visual storyteller

 

For
Americans with a credit or debit card, the ability to instantly see, stop and
block transactions tops the list of their most desired mobile payment features.

The
findings come from an annual survey by TSYS, which reports that 8 in 10 U.S.
credit and debit card holders indicated they are interested in or already are using
a feature to immediately stop card transactions not made by them. It was the
top-ranked feature among 10 included in the survey.

The
second and third most popular features were also centered on card security,
with 72 percent saying they want to be able to instantly view transactions made
with their cards, and 64 percent wanting the ability to turn their card on or
off based on parameters of their choosing, such as time of day, location or
type of merchant.

Rounding
out the top five most desired features were receiving instant offers and
promotions for the store they’re currently visiting (59 percent) and being able
to store all of their loyalty and rewards cards on their phone (58 percent).

Global
payments provider TSYS conducted its seventh annual survey with a
representative sample of approximately 1,200 U.S. adults who had both a debit
and a credit card. Its resulting 2017
U.S. Consumer Payment Study
 was
released March 27, 2018.

Cardholders want security first from mobile wallets

See related: Credit card on/off switches: More card issuers adding them, To encourage adoption, moblie wallets break out the bonuses, Poll: Pay with cash or card for $5 purchase?, More infographics

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