Increased security is a major concern for consumers, but faster payments and the convenience of making purchases without ever leaving home are still considered alluring advantages. Read on to learn more about how consumers are feeling in regards to fraud, and what they’re saying about fast and efficient payments!

40% of U.S. Customers are Concerned About Faster Payments

According to the Federal Reserve Banks, 40% of U.S. consumers are concerned about faster payments. In many ways, faster payments attract consumers; however, the concern about fraud keeps many from using the service.

The ability to receive and spend money quickly is appealing to consumers; however, fraud is a top concern. 49% of consumers cited fraud as a reason for not using faster payments.

When it comes to faster payments, there are a few things that consumers are worried about:

  • 46% admit they are concerned about having to learn a new app or service.
  • 38% admit they don’t want to “share account details”
  • 1/3 admit they didn’t “know enough” concerning faster payments.

Despite the concerns about fraud, many consumers are still interested in faster payments. 63% of respondents said they would use faster payments if they were available.

What are Faster Payment Apps?

If you’re not familiar with faster payment apps, they are essentially apps that allow you to send and receive money almost instantaneously. While this may sound great in theory, there are some concerns about fraud that have been raised.

One of the biggest concerns is that these apps could be used to launder money. There have also been reports of people losing money because they were not able to cancel a transaction in time.

Despite these concerns, many people are still attracted to the convenience of faster payment apps. For example, if you need to split a bill with someone, it can be much easier to do so using one of these apps.

The Strong Appeal of Faster Payments

Overall, while fraud is a concern for many consumers, the appeal of faster payments is still strong.

There are a few reasons why consumers may be willing to overlook the potential for fraud when it comes to faster payments. First, many people simply don’t know enough about the topic to be truly concerned. Second, the benefits of faster payments such as:

  • Being able to pay bills in the last-minute (33 percent)
  • The ability to send money to family and friends (peer-to-peer payments (53%)
  • The convenience of paying for items online (30%)

Ultimately, it’s up to each individual consumer to decide whether the risk of fraud is worth the potential benefits of faster payments.

What Now?

While fraud concerns are “clearly top of mind” for many consumers, they are still willing to use faster payments for the speed and convenience of the service. Therefore, as faster payments continue to gain momentum around the world, it’s important to understand consumer attitudes toward this new way of handling money.