Consumers should observe caution when using
new forms of digital payment service, a new report has warned.
According to latest Consumer Reports findings,
the continuing launch of new forms of payment options does little
to offer consumers guaranteed protection against unauthorised
transactions.
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“As these new forms of payment grow more
popular, consumers must be careful to understand the costs, and
disparities in protections associated with the promise of new
convenience,” said Jeff Blyskal, senior editor of Consumer
Reports.
As well as being costly, the survey found that
payment processors are far from being immune to errors. In essence,
one in four Americans reported an unauthorised charge, billing
error, non-credited payment, among other problems when making
payments. The report suggests that despite large disparities in
protection services, mobile phone and digital wallet payment
services linked to a credit card offer consumers the most
protection.
Given the hype around mobile payments, a
recent survey by Consumer Reports National Research Centre found
that very few consumers – 5% of the respondents – use the
service.
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By GlobalData
