Americans with higher household incomes and within the 25-34 age group are quickly adopting debit as a form of payment, preferring the speed and security of Personal Identification Numbers (PINs) when making debit card purchases, according to a survey by Paymentech.
From a sample population of 800 adults, the study found half of Americans with debit cards prefer using a PIN as opposed to signing a sales receipt. The number one benefit cited by respondents is that PIN debit transactions are faster than signature debit transactions. The same group rated security as the second most important reason to use PIN debit transactions. Additionally, more than a third of this group said they would be more likely to shop at a store honoring PIN debit cards as a form of payment.
"Our survey confirms a significant portion of consumers prefer to shop in establishments that offer PIN debit," says Dan Miner, CCM, group manager debit products for EFT outfit Paymentech. "It is clear that the value proposition driving this consumer preference is transaction speed and security