Americans don't trust mobile payments. Most say, they'll use cash or debit cards for their holiday shopping, according to a study from Bankrate.com. Fred Katayama reports.
For all the buzz about mobile payments, a Bankrate.com survey found, the vast majority of Americans still plan to use cash or a debit card for their holiday shopping. The study showed that many Americans just don't trust mobile technology even though it's safer than using a credit card, says Mike Cetera of Bankrate. (SOUNBITE) MIKE CETERA, ANALYST, BANKRATE.COM (ENGLISH) SAYING: "There is really a lot more incidents of fraud occurring from swiping your credit card than there has been from people using touch stations, using their phones, but a lot of experts expect that there are going to be breaches happening in the future. That being said, phones are actually set up to be a little bit safer, in terms of protecting your card information, than traditional swiping of a credit card is." Bankrate's survey also showed that Americans find traditional ways of payment more convenient. But credit cards are becoming less popular because people want to avoid debt. Millennials shun them. The survey found they prefer debit cards and are the most likely age group to use their smartphones to pay.