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Better safe than sorry: views of the Hungarian public on the security of payment instruments

Listed author(s):
  • Éva Divéki


    (Magyar Nemzeti Bank (central bank of Hungary))

  • Dániel Listár


    (Magyar Nemzeti Bank (central bank of Hungary))

Our survey found that the Hungarian public considers bank cards to be the most secure electronic payment instrument. The positive perception of the bank card ranks immediately behind the perceived security of traditional payment instruments: the yellow cheque and cash. Nevertheless, one of the key findings of our article is that the less intensive use of state-of-the-art electronic payment instruments is not due primarily to security reasons, although such concerns may play a certain role, particularly in the case of online payment instruments. The sense of security in payment instruments relates mainly to familiarity and use. That is, consumers consider payment instruments they know and use to be safe, while lesser known and little used ones are perceived as less secure. Consequently, the use of cashless electronic payment instruments can be intensified mostly through the dissemination of information, which will elevate the sense of security in consumers as well. The majority of the population expects their own account keeping bank to convey information relating to payment instruments.

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Article provided by Magyar Nemzeti Bank (Central Bank of Hungary) in its journal MNB Bulletin.

Volume (Year): 7 (2012)
Issue (Month): 3 (October)
Pages: 7-27

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Handle: RePEc:mnb:bullet:v:7:y:2012:i:3:p:7-27
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  1. Anneke Kosse, 2013. "The Safety of Cash and Debit Cards: A Study on the Perception and Behavior of Dutch Consumers," International Journal of Central Banking, International Journal of Central Banking, vol. 9(4), pages 77-98, December.
  2. Kosse, Anneke, 2013. "Do newspaper articles on card fraud affect debit card usage?," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 5382-5391.
  3. Julia S. Cheney, 2006. "Supply- and demand-side developments influencing growth in the debit market," Payment Cards Center Discussion Paper 06-11, Federal Reserve Bank of Philadelphia.
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