The vast majority of consumers trust banks most to keep their payments safe, according to a recent survey by the American Bankers Association (ABA).

According to the survey results, 75 percent of consumers trust banks with the security of their payments.

“It’s no surprise that consumers trust banks the most with their payments,” Doug Johnson, ABA’s senior vice president of payments and cybersecurity policy, said in a statement. “Banks have a long history of protecting their customers’ money whether in the vault or online. Banks are the gold standard in security and customers know their money is safe when it’s with the bank.”
Telecommunications companies and major retailers both scored a paltry 1 percent in consumer trust. Alternative payment providers (including companies like PayPal and Venmo), scored 4 percent, while 18 percent of respondents were unsure.

The survey also found that 6 percent of consumers have used a mobile app on their phone to make a payment. Of those who have, the most popular methods are PayPal (45 percent), Apple Pay (42 percent) and Google Wallet (11 percent).

“Using your phone to make a payment is still relatively new, but as the industry moves toward the use of new technologies like tokenization and biometrics to make payments safer, we expect the popularity of mobile payments to grow,” Johnson said.