Despite multiple data breaches affecting credit card details in recent years, the convenience of storing credit card details on shopping sites seems to outweigh the risks associated with cybercrime.
Ninety-four million Americans have their credit or debit card information stored on a website or mobile app for future purchases, according to a new report from CreditCards.com. That includes over 14 million who always save their information. The Silent Generation is the most inclined to do so, and is more than twice as likely to consistently store this data online.
When it comes time to check out, Gen Xers and Baby Boomers are the most guarded with their payment information; 2 in 5 indicate they never save their credit or debit card information for future purchases.
Online shopping, in general, is more popular amongst younger generations and higher earners. While 62% of consumers report making online purchases, just 26% of the Silent Generation shops online, compared to 76% of Millennials. Families earning $75,000 or more per year are almost twice as likely to shop online as those making less than $30,000.
“There’s no denying the convenience of online shopping; you don’t even have to put on pants to make a purchase,” said CreditCards.com senior industry analyst Matt Schulz. “However, saving your payment information online not only increases the likelihood of making unnecessary impulse purchases, it can also leave your data vulnerable to hackers.”
Consumers turn to the internet more often to purchase personal electronics than clothing, groceries and furniture. Thirty-three percent of online shoppers always or mostly make electronics purchases online, compared to 22% for clothing, shoes and accessories, 6% for furniture and 4% for groceries.
The survey was conducted by Princeton Survey Research Associates International. PSRAI obtained telephone interviews with a nationally representative sample of 1,002 adults living in the continental United States. Interviews were conducted by landline (502) and cell phone (500, including 323 without a landline phone) in English and Spanish by Princeton Data Source from May 18-21, 2017. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.8 percentage points.
Summary:
Credit Cards – Convenience Outweighs Risk for American Consumers
Despite multiple data breaches affecting credit card details in recent years, the convenience of storing credit card details on shopping sites seems to outweigh the risks associated with cybercrime. Ninety-four million Americans have their credit or debit card information stored on a website or mobile app for future purchases, according to a new report from CreditCards.com. When it comes time to check out, Gen Xers and Baby Boomers are the most guarded with their payment information; 2 in 5 indicate they never save their credit or debit card information for future purchases.
