Given a safe alternative, most consumers would rather not reenter payment card info every time they make a purchase online. That’s where credential vaults come into the picture, and it helps when consumers trust the entities accessing those stored card details.
This is analyzed in the study “Payments and Credentials Vaults: The Trust Factor,” a PYMNTS and FIS collaboration, based on a survey of nearly 2,200 U.S. consumers.
For starters, what exactly is a credentials vault? A credentials vault aggregates payment information and stored credentials in a secure environment. It automatically updates the payment information shared with merchants when consumers update their payment methods or change account numbers.
It’s a handy feature and is becoming more so as the digital transformation of payments continues. Financial institutions, merchants, and others would be wise to consider this option, as the study notes: “PYMNTS’ data shows that offering consumers access to a vault in an effort to minimize payment problems and obstacles is an important way to build trust with consumers, and 58% of consumers say the enhanced data protection of a vault is an important reason to use one.”
Establishing consumer trust is a critical step in establishing a credentials vault. According to the study, “Half of consumers say that they would allow marketplaces to access their information using vaults.”
“Consumers who report a strong interest in using a vault are willing to grant most merchants access to their information; this willingness generally increases alongside a consumer’s interest in using a credentials vault. We found that 69% of highly interested consumers would allow marketplaces to access their information through a vault, but only 27% of consumers with a slight interest in vault use say the same.”
Data shows consumers’ willingness to allow marketplaces access to their information is affected by the type of merchant that would access the information. Per the study, “26% of consumers overall are very likely to allow airlines to access their information through vaults; however, four out of 10 bridge millennials and millennials would grant airlines this access, compared to only 9% of baby boomers and seniors who would do the same. Ultimately, consumers will consider sharing their information with the companies they trust most.”
Get your copy: Payments and Credentials Vaults: The Trust Factor