A recent study by advertising and marketing agency Ogilvy & Mather found that consumers trust payment processing companies more than sites such as Google or Facebook for their mobile credit card processing needs, PaymentsSource reports.
The company surveyed 500 U.S. consumers and found that Facebook ranked last in terms of consumer trust, at 12.1 percent. Visa was the most trusted at 39.5 percent, followed by MasterCard at 35.9 percent and American Express at 35.8 percent.
“An element of surprise was how far behind Facebook was,” Gareth Evan, director of digital at OgilvyAction, a division of O& M, told the news source. “But in terms of issues they have around privacy, it seems to play out that consumers had to consider if they really wanted to put financial information into that mix.”
He added that because of payment processing companies’ history of providing secure payments, consumers flock to them and place their trust in them. That trust will also extend to near field communication technology.
The news source reports in a separate article that Isis, the mobile-payment conglomeration of Visa, MasterCard, American Express and Discover Financial Services joined with AT&T, T-Mobile USA and Verizon Wireless to develop a comprehensive mobile system that will allow consumers to pay for purchases using phones embedded with NFC chips.