Study: Consumers Feel Bitcoin More Secure than Mobile Payments Apps

A new survey shows that US consumers believe payments made with bitcoin are safer than those conducted using mobile wallets or apps.

The report, published by Chicago-based Walker Sands Communications, focuses on changes in retail payments behavior, particularly as it pertains to digital transaction methods.

Ultimately, it found that 3% of respondents said that they consider bitcoin to be the most secure form of payments, compared to 1% for mobile phone or wallets. The study was conducted using a sample group of 1,400 consumers.

The report said:

"Consumers consider mobile wallets and apps the least secure form of payment, even ranking behind cryptocurrencies such as bitcoin."

Cash ranked highest on the list of trusted payment methods. Fifty-six percent reported that they prefer cash over alternative payment methods, compared to 22% for credit cards and 18% for debit cards.

Just 2% said they think checks are the most trustworthy payment method.

Elsewhere, the report found evidence of a broader shift toward digital payments, one that it said has been accelerated by the introduction of mobile payments products like Apple Pay.

Survey image via Shutterstock