Consumer use of digital wallets and third-party payments at small businesses has doubled in two years, but more and more consumers are saying they avoid small businesses that have experienced a data breach, according to new research from Bank of America.

The survey of 522 small business owners and 509 U.S. consumers, done in conjunction with Forrester Consulting, found that 10% of consumers now choose to pay with digital wallets when they’re shopping at small businesses. That number was just 5% in 2017. Online shoppers’ use of third-party payment methods such as PayPal spiked from 11% in 2017 to 27% in 2019 as well.

“Today’s consumers are constantly looking for easier, faster and safer ways to shop – both in-store and online,” Bank of America Merchant Services Small Business GM Sydney Ivey said.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?

Tina Orem

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.