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JANUARY 2021
Online SecurityAND THE
DEBIT-CREDIT DIVIDE
Online Security And The
Debit-Credit Divide, a PYMNTS
and Elan collaboration, examines
how the pandemic is impacting
the ways consumers shop and pay,
with a special focus on their use
of and attitudes toward debit and
credit cards. The report is based
on a wide-ranging survey of
2,466 U.S. consumers.
TABLE OF CONTENTS
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .01
PART I:
A lasting digital shopping shift . . . . . . . . . . . . . . . . . . . . . . . 03
PART II:
The changing online payment mix . . . . . . . . . . . . . . . . . . . . . 09
PART III:
The security motive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
PART IV:
The characteristics of disaffected debit users . . . . . . . . . . 23
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Online Security And The Debit-Card Divide was done in collaboration with Elan, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains
full editorial control over the following findings, methodology and data analysis.
Introduction | 0201 | Online Security And The Credit-Debit Divide
© 2021 PYMNTS.com All Rights Reserved
T he past year has brought profound changes to many aspects of
consumers’ lives, and nowhere perhaps have these changes been
more significant than in how they shop . The share of United States
consumers who have shifted to online shopping channels has
quadrupled since the start of the pandemic, to the point that close to half of
them now mostly use online channels to purchase retail products . This seismic
shift has important — if underappreciated — implications for how consumers
pay online .
1 Bary, E . Visa and Mastercard have a lot in common, but COVID-19 puts one key difference in focus . MarketWatch . 2020 . https://www .marketwatch .com/story/ visa-and-mastercard-have-a-lot-in-common-but-covid-19-puts-one-key-difference-in-focus-11604090026 . Accessed January 2021 .
INTRODUCTION
It has been widely reported that more
consumers have been turning to debit
cards since the pandemic's onset
due a disinclination to use cash and
concerns around keeping spending
in check .1 This story becomes more
complicated when it comes to online
spending, however . PYMNTS’ research
shows that consumers not only
continue to prefer credit cards more
than debit cards when they shop
online, but that they are also more
likely to have increased their online
use of the former versus the latter .
A key factor affecting consumers’ online payment method decisions
is security . Consumers are more concerned that their funds are
vulnerable to theft when they use debit cards online, and they believe
that credit cards offer greater protection from fraud .
These are among the key findings to emerge from Online Security
And The Debit-Credit Divide, a PYMNTS collaboration with Elan . The
report assesses the state of the digital shopping shift as the pandemic
continues and examine how — and why — payment preferences and
attitudes are shifting along with it .
Our research indicates that credit cards will remain an essential
and growing component of the online payment mix: 41 percent of
consumers prefer credit cards when paying online, making it the most
commonly used payment method, and 28 percent have increased their
online usage of the cards since the pandemic's onset . Our research
also indicates that how consumers pay online is in flux . Debit and
credit cards as well as digital wallets have seen net increases in use
since the pandemic began, yet at least 10 percent of the users of each
of these payment methods report using them less .
These findings have important implications for card issuers . Consumers
may have an ingrained tendency to reach for their credit cards when
shopping online, but issuers must do more to keep their cards at the
top of consumers’ wallets as the field of payment methods grows more
crowded and competitive, such as by providing uniquely compelling,
valuable and secure spending tools and services . Online Security And
The Debit-Credit Divide is based on a survey of 2,466 U .S . consumers .
This is what we found.
PART I:
A lasting digital shopping shift
05 | Online Security And The Credit-Debit Divide
© 2021 PYMNTS.com All Rights Reserved
T he digital shift in shopping
was propelled largely
by necessity in the early
days of the pandemic,
when lockdowns forced businesses
to close, yet this seems to have
served as a catalyst for the adoption
of enduring shopping habits . The
share of consumers shopping for
products digitally increased roughly
threefold in the first two months
after the pandemic took hold, going
from 12 percent in early March 2020
to 39 percent in May 2020 . The use of
digital shopping channels has steadily
climbed even higher following this
initial surge: 45 percent of shoppers
reported shifting to digital channels
as of November 2020 .
The trends are less pronounced in
the case of groceries and restaurants,
which is not surprising considering
food products are less amenable to
shipping . A similar pattern prevails
nonetheless The use of digital
channels for grocery and restaurant
purchases has increased steadily
The use of digital shopping channels has increased fourfold since the start of the pandemic and has continued to grow, even as business restrictions have eased.
Part I: A Lasting Digital Shopping Shift | 06
Source: PYMNTS .com
20%
30%
10%
40%
50%
FIGURE 1: The digital shopping shift Share of consumers who have shifted select activities to digital since March 2020
4.7%
13.1%15.3%
19.1%
12.3%
28.8%
35.5%39.8%
3.9%
8.9%
14.8%
17.6%
21.9%
7.2%
38.5%
47.6%
42.2%
48.8%
41.4% 41.9%
38.7%
45.8%45.0%
42.7%
14.1% 14.4%14.7%
17.6%
17.6%
16.6%17.2%
20.9% 21.4%
8.4%
18.6% 19.0%
24.4%
17.7%
15.1%
15.7%16.4%
18.0%
21.4%
April 12March 28 June 23 September 1July 18 September 11March 18March 7 May 24 August 13April 28 September 16 October 2 November 6 November 12
Shifted shoppingShifted eatingShifted grocery
07 | Online Security And The Credit-Debit Divide
© 2021 PYMNTS.com All Rights Reserved
82.1%17.9%
20.7%
18.6%
16.8%
81.4%
79.3%
83.2%
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
Grocery
Restaurant
Shopping
Any
FIGURE 2:
Plans to maintain digital shopping habitsShare planning to maintain changes for select shopping categories
Revert to old behaviorsMaintain some or all of their changes
them plan to continue shopping for
groceries through digital channels
compared to 79 percent who plan
to continue to do so when shopping
for other products . This suggests
that consumers may be particularly
interested in avoiding the frictions
associated with in-store grocery
shopping .
Significant shares of consumers have
thus grown accustomed to shopping
online for all manner of products,
including food items, and they are
more likely to reach for their credit
cards than their debit cards when it
comes time to pay .
since the early days of the pandemic,
climbing to approximately 21 percent
in November — a roughly fourfold
increase from March 6, 2020 .
These trendlines are poised to
continue . Approximately 83 percent
of consumers who shifted to digital
channels for at least one type of
shopping activity say that they plan to
maintain the practices they adopted .
Consumers who adopted digital
practices for purchasing groceries are
slightly more likely to maintain them
than those who bought other types
of products . Eighty-two percent of
79% of consumers plan to continue the digital shopping practices they adopted during the pandemic.
Source: PYMNTS .com
PART II:
The changing online payment mix
11 | Online Security And The Credit-Debit Divide
© 2021 PYMNTS.com All Rights Reserved
Part II: The changing online payment mix | 12
O ur research shows that
there is near parity
between credit cards
and debit cards when
consumers shop at brick-and-mortar
stores: 43 percent prefer the former
and 40 percent prefer the latter .
Consumers shopping online are
considerably less likely to use their
debit cards, however: 31 percent
prefer to pay with debit online while 41
percent prefer credit cards . The most
notable difference between physical
and in-store shopping is found in the
use of mobile wallets, including the
likes of Apple Pay, which can be used
online and in store, and digital wallets
like PayPal, which are primarily used
online . Digital wallet use is low
compared to credit and debit cards,
but it still makes up a sizable share
of online purchases, with at least 15
percent of consumers preferring it
overall — especially when purchasing
certain items, like building materials .
Our research reveals that differences
between credit and debit card use
are most pronounced in discretionary
categories, like games and books and
sporting goods . Forty-two percent
of those who made sporting goods
purchases prefer credit cards for
online purchases while 31 percent
prefer debit cards. This points to
another likely driver of credit card use
online: Consumers may rely on them
to finance bigger-ticket purchases .
Consumers utilize a more diversified payment mix when shopping online. They are less inclined to use debit cards and more inclined to wield credit cards and digital wallets.
3A:
Share of consumers who prefer select payment methods when shopping at physical stores since the pandemic's onset, by product category
FIGURE 3:
The physical versus online payment mix
Credit card
Debit card
Digital wallet
Credit card
Debit card
Mobile wallet
43.1%40.0%5.4%
42.2%39.8%6.5%
40.2%41.5%4.6%
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
Games, hobbies and books
Sporting goods
Clothing and accessories
44.6%40.5%3.9%
0000000000
0000000000
0000000000
Medical supplies
43.2%41.3%3.4%
0000000000
0000000000
0000000000
Health and beauty products
43.7%40.3%5.0%
0000000000
0000000000
0000000000
Building materials/hardware
45.0%38.8%4.3%
0000000000
0000000000
0000000000
Electronics and appliances
41.7%42.8%2.8%
0000000000
0000000000
0000000000
Home furnishings
42.6%42.8%4.0%
0000000000
0000000000
0000000000
Auto parts
Source: PYMNTS .com
42.0%42.7%3.3%
0000000000
0000000000
0000000000
Cleaning supplies
3B:
Share of consumers who prefer select payment methods when shopping online since the pandemic's onset, by product category
43.4%32.6%15.5%
42.2%30.6%18.0%
42.1%32.0%15.9%
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
Games, hobbies and books
Sporting goods
Clothing and accessories
44.3%31.7%15.9%
0000000000
0000000000
0000000000
Medical supplies
41.7%34.8%15.7%
0000000000
0000000000
0000000000
Health and beauty products
39.3%33.3%20.0%
0000000000
0000000000
0000000000
Building materials/hardware
43.3%32.8%16.2%
0000000000
0000000000
0000000000
Electronics and appliances
42.8%32.9%16.8%
0000000000
0000000000
0000000000
Home furnishings
38.0%34.6%17.8%
0000000000
0000000000
0000000000
Auto parts
Source: PYMNTS .com
41.1%35.5%15.4%
0000000000
0000000000
0000000000
Cleaning supplies
13 | Online Security And The Credit-Debit Divide
© 2021 PYMNTS.com All Rights Reserved
Part II: The changing online payment mix | 14
O ur research shows that
28 percent of credit
card users increased
their use of the payment
method online since the pandemic's
onset while approximately the same
share boosted their use of debit
cards . Debit card users were slightly
more likely to have cut down on using
the payment method, however, and
credit cards have experienced a net
increase in use of 16 percent as a
result while debit card use has grown
by 15 percent .
Digital-native payment methods
posted the greatest gains, not
surprisingly . PayPal users have
boosted their use of the payment tool
to the greatest extent as 36 percent
of consumers report that they are
using it "more" or "much more" since
the pandemic began, resulting in a
net increase of 22 percent . The use of
mobile wallets, such as Apple Pay and
Google Pay, remains comparatively
low but increased the most among
users: 46 percent report using them
"more" or "much more ." That growth
was partially offset by one-quarter of
digital wallet users reducing their use
of the wallets at the same time . All of
this data suggests that the payment
methods consumers use online is in
state of flux, with consumers reducing
their use of their customary payment
types and switching to others .
Consumers have increased their use of all card and digital payment methods online since the pandemic began, but PayPal and mobile wallets have experienced the greatest gains.
TABLE 1:
Change in use of payment methods since the pandemic began Share of consumers indicating they use select payment methods either more or less since the pandemic’s onset
CHANGE IN USE OF SELECT PAYMENT METHODS FOR ONLINE SHOPPING
-6.4%
-4.9%
-2.1%
25.6%
10.0%
22.3%
-6.2%
-3.8%
-2.6%
17.8%
9.7%
14.9%
-6.4%
-3.6%
-2.0%
21.4%
6.9%
16.3%
-11.2%
-9.2%
-4.7%
27.8%
17.8%
20.4%
I use this method somewhat less .
I use this method much less .
I have stopped using this method since the pandemic began .
I use this method somewhat more .
I use this method much more .
Net increase
Source: PYMNTS .com
Credit card
Debit card Mobile wallet
PayPal
28%of credit card users are using this payment method more since the pandemic's onset.
PART III:
The security motive
17 | Online Security And The Credit-Debit Divide
© 2021 PYMNTS.com All Rights Reserved
Part III: The security motive | 18
C onsumers want certain
basic qualities from
their payment methods
— namely convenience
and wide acceptance . These are the
reasons consumers most often cite
for using the payment options they
do online and in stores . Sixty-seven
percent cite ease and convenience
in the case of in-store shopping
and 70 percent cite the same
in the case of online purchases .
This is followed by universal
acceptance, which 50 percent cite
as a motivator for in-store purchases
and 56 percent cite for online ones .
Credit and debit cards tend to
check the key boxes of convenience
and wide acceptance for many
consumers . Our research shows
that 73 percent of credit card users
consider convenience a reason for
using the payment method, as do
69 percent of debit users . Another
63 percent of credit card users and
64 percent of debit card users cite
universal acceptance .
A key difference in motivations
for using these two types of card
payments emerges when we examine
attitudes toward online security,
however . Our research shows that
protection against theft of funds is
a motivating factor for 35 percent
FIGURE 4A:
Share citing select reasons for using payment methods when shopping in store versus online
FIGURE 4:
Motivations for using payment methods
67.0%70.0%0000000000
0000000000
It is easy and convenient to use
50.4%55.5%
0000000000
0000000000
It is accepted everywhere I shop
26.8%27.0%
0000000000
0000000000
I want to spend only the money I have at the time and avoid debt
26.2%32.4%
0000000000
0000000000
I prefer the loyalty and rewards perks it offers
20.3%29.4%
0000000000
0000000000
The protection against money theft is better
16.9%25.3%
0000000000
0000000000
The data security is better
13.2%14.9%
0000000000
0000000000
My rewards or loyalty points cannot be stolen
1.3%1.1%
0000000000
0000000000
Other
41.2%48.7%
0000000000
0000000000
It is easy to track spending
Shopping at physical stores
Online shopping
Consumers value the convenience and wide acceptance of both credit and debit cards, but they have reservations about the latter when it comes to protection against online fraud.
73.0%69.2%72.5%
57.3%6.1%
10.0%
63.0%64.2%33.2%
35.4%16.7%44.3%
46.4%59.0%41.1%
27.1%14.0%44.3%
8.5%53.5%23.9%
22.5%5.8%6.4%
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
00000000004
0000000000
000dw
It is easy and convenient to use
I prefer the loyalty and rewards perks it offers
It is accepted everywhere I shop
The protection against theft is better
Credit card
Debit card
PayPal
It is easy to track spending
The data security is better
I want to spend only the money I have at the time and avoid debt
My rewards or loyalty points cannot be stolen
0.6%0.7%0.4%
0000000000
00000000004
000d
Other
Source: PYMNTS .com
FIGURE 4B:
Share of credit card, debit card and PayPal users citing select reasons for using a payment method when shopping online
Source: PYMNTS .com
19 | Online Security And The Credit-Debit Divide
© 2021 PYMNTS.com All Rights Reserved
Part II: How customers want to be rewarded | 20
35%of credit card users believe this payment option offers protection against online fraud.
of credit card users — twice the
share of debit card users with this
view. Consumers also appear to
have more confidence in the overall
data security of credit cards: 27
percent of credit card users cite
data security as a motivating factor
while only 14 percent of debit card
users do the same. This suggests
that, while both debit and credit card
issuers could do better in assuring
consumers of the security of their
offerings, such concerns are elevated
among debit card users .
It bears noting that rewards is also
an important differentiator between
credit and debit cards: 57 percent
of those who use the former cite
rewards as a motivator while only
a fraction of debit and PayPal users
do the same . This reflects the fact
that credit cards tend to have more
robust rewards programs than other
payment types — and rewards could
loom as an even greater incentive at
a time when consumers are doing
a lot more shopping online amid a
challenging economic climate .
21 | Online Security And The Credit-Debit Divide
© 2021 PYMNTS.com All Rights Reserved
Part III: The security motive | 22
O ur research shows
consumers reduce their
use of given payment
types primarily because
they have reduced their spending
overall since the pandemic's onset:
33 percent of those who have cut
back on their use of debit cards cite
this as a reason for doing so, as do
43 percent of credit card users . Debit
and credit card users diverge in their
considerations of security, however:
24 percent of those using debit less
cite concerns that their payment
information could be stolen while
just 14 percent of those who have cut
back their credit card use online cite
this concern .
The heightened concerns debit card
users have around security may
relate to the fact that debit cards are
linked directly to consumers’ bank
accounts . Their personal funds could
be impacted by fraud or theft without
the delay in charges or dispute
resolution procedures that typically
accompany credit card purchases .
Security concerns also loom large for consumers who have moved away from using debit cards for online shopping.
FIGURE 5:
Motivations for reducing the use of credit and debit cards Share citing select reasons for using cards less than they did prior to the pandemic's onset
43.0%32.9%
13.6%24.2%
17.5%35.9%
17.3%20.7%
5.8%8.4%
10.5%20.1%
26.2%7.7%
9.2%9.1%
0.7%6.0%
5.6%7.5%
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
I do not make purchases as often as I did before the pandemic
I worry that my payment data will be stolen
I have better payment options now
It has a high risk of fraud
I do not trust the company that provides this payment method
It is hard to track spending
It is too expensive to use because of high fees and/or interest rates
The costs are not clear to me because of interest rates and/or fees
Other
It is not widely accepted by the merchants from which I prefer to make purchases
Source: PYMNTS .com
Credit card
Debit card
24%of consumers who have reduced their use of debit cards online cite the risk of having funds stolen as a reason why they have done so.
PART IV:
The characteristics of disaffected debit users
25 | Online Security And The Credit-Debit Divide
© 2021 PYMNTS.com All Rights Reserved
Part III: Meeting digital wallet users’ needs | 26
Debit card users who have switched to other payment methods have shifted credit cards, PayPal and mobile wallets in similar proportions. These switchers come from both high-income and low-income brackets.
O ur research shows that
44 percent of consumers
who use debit cards
less have shifted to
other payment methods while the
remainder have not adopted payment
alternatives . The largest share of
these shifters — 18 percent — now
favor credit cards while 16 percent
use PayPal and another 16 percent
tap mobile wallets .
These switchers fall predominantly
into either high- or low-income
brackets .
We found that 45 percent who shifted
to credit cards make more than
$100,000 a year while 38 percent
of such shifters make less than
$50,000 . These proportions are more
than double the share of middle-
income earners who shifted .
This suggests the movement away
from debit cards to other online
payment methods is driven both
by choice, in the case of wealthier
consumers, and necessity, in the case
of lower-income ones who may need
or want financing options for online
purchases .
12.9%52.4%34.8%
45.4%16.3%38.3%
41.1%14.0%44.9%
59.1%9.0%
31.9%
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
0000000000
No shifts
Shift to credit card
More than $100K
$50K - $99 .9K
Less than $49 .9K
Shift to PayPal
Shift to mobile wallets
FIGURE 6B:
Income distribution of debit card users who are using debit less often, by type of shift
Source: PYMNTS .com
56.2%
18.4%
15.7%
16.3%
0000000000
0000000000
0000000000
0000000000
No shifts
Shift to credit card
Shift to PayPal
FIGURE 6A:
Share of consumers who shifted to other payment methods among debit card users who are using debit less often
Shift to mobile wallets
FIGURE 6:
The destinations of debit card shifters
Source: PYMNTS .com
T he digital shopping
shift is not a fleeting
phenomenon . The share
of U .S . consumers now
using digital channels to purchase
retail products is approaching 50
percent, close to four times the
level just in early March 2020 . These
preferences have endured even as
business restrictions have been
eased . These changes appear to be
lasting, and this reality carries great
significance for card issuers .
Credit cards remain the most popular
payment method for online shopping,
even as consumers have increased
their debit use overall since the
pandemic began . Our research further
shows that the increase in online
credit card use has outpaced that
of debit cards since the pandemic's
onset .
Concerns around fraud and data
security seem to be playing an
important role in how consumers
are choosing to pay online . They have
greater confidence in credit cards
than debit cards when it comes to
two key metrics: the risk of losing
funds and information security .
There are also the positive incentives
associated with credit card use: Close
to 60 percent of credit card users cite
rewards as a reason they use them to
pay online .
All of this means that if card issuers
want to maintain top-of-wallet status
in an evolving economic reality, they
must keep pace with consumers’
changing spending and payment
habits . Our data strongly indicates
that credit cards will remain central to
consumers’ payment mix, but issuers
must meet their rising expectations
for security, convenience and value .
CONCLUSION
METHODOLOGYOnline Security And The Debit-Credit Divide
is based on a survey of 2,466 U .S . consumers
selected to approximately match the
demographics of the U .S . census . The survey
was conducted Nov . 5, 2020, and Nov . 6, 2020,
and consisted of 25 questions concerning
consumers’ shopping and payment habits,
preferences and future plans, among other
topics .
PYMNTS.com is where the best minds and the best content meet on the web to learn about “What’s Next” in payments and commerce . Our interactive platform is reinventing the way in which companies in payments share relevant information about the initiatives that shape the future of this dynamic sector and make news . Our data and analytics team includes economists, data scientists and industry analysts who work with companies to measure and quantify the innovation that is at the cutting edge of this new world .
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