Are you concerned about the security of your financial data? Well, you’re not alone. Millions of people in the United States are highly concerned about their data privacy and financial data, despite legislation and data protection laws that are in place to protect it.
According to a report by PwC, only 25% of consumers believe that companies can handle their sensitive personal data responsibly.
Moreover, in light of what happened with Facebook and Cambridge Analytica, consumers are increasingly concerned about their privacy and data. And fuel customers are no exception.
Financial Data Concerns Among Fuel Customers
According to an online survey, more than 6 in 10 people in the United States are concerned about their financial data. This survey was conducted by YouGov, a London-based data analytics firm and ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions.
Some interesting statistics
Here are a few things to note:
- 62% of fuel and convenience survey respondents showed reservations regarding the security of their financial data.
- 55% of respondents chose credit or debit cards as a preferred method of payment at fuel and convenience stores, while 21% prefer cash.
- Only 7% of respondents prefer to pay with a mobile app at fuel and convenience stores.
Digital Wallets—A faster and secure mode of payment
There has been a significant rise in the usage of digital wallets—such as Apple Pay, Android Pay, etc.—among consumers, especially Gen X and Gen Y. Digital wallets provide an easy and fast method of payment. Moreover, they’re more secure than traditional modes of payment.
However, consumers still remain skeptical, as the fear of becoming a victim of skimming devices at gas pumps that can steal financial data remains prevalent.
What’s the solution?
The security of financial data is a global issue; electronic payment merchants are constantly looking for ways to provide secure financial payment solutions to consumers and protect their data from hackers and perpetrators.
However, it’s important that consumers also follow best practices when paying via electronic methods such as bank cards or digital wallet. That being said, a good, secure point-of-sale system can instill confidence in the fuel customers.
John W. Kennedy Company is an experienced POS systems provider which helps their clients to effectively manage their sales and keep the financial data of their customers protected.
We also offer fuel management systems and a variety of service stations equipment such as hoses, filters, paper, breakaways, swivels, nozzles, ribbons, and other safety equipment, to our clients. We provide premium-quality products at an affordable price in a timely manner to ensure the highest levels of customer satisfaction.
To check out our product range or get more details, visit our online store now.