Consumer trust relations with payment cards and banks: an exploratory study

Abstract

The article focuses on the ways in which consumer complaints reflect the trust relationship between consumers, payment cards and banks from the consumers' point of view. The empirical data consist of consumer complaints from Finland and are analysed with qualitative method. The data show that consumers use payment cards in various places for different purposes at home and abroad at least until something unexpected and problematic happens. According to the consumer complaints, in problem situations, the banks blame the consumers and categorically deny their responsibility. Negligence on the part of the consumers and questions concerning technology are the major reason for distrust concerning the reliability of payment cards. These findings provide bases for practical guidelines to increase trust in payment cards and, finally, implications for consumer education are discussed.

Using Plastic Money (Cards) in Kathmandu Valley: Users’ Knowledge, Current Use, Challenges and Way-forward

“…4.71 % of respondents have said that they use for five times or more in another bank ATMs. In Finland, the consumer's financial losses vary between 140 and 22540 Euros, and the users do not use other banks ATMs (Koivunen & Tuorila, 2015). Figure 2 shows that most of the users do not use other bank ATMs.…”

Key Factors Determining the Expected Benefit of Customers When Using Bank Cards: An Analysis on Millennials and Generation Z in Romania

“…In terms of comfort, Reference [29] shows that from a technical point of view, customers also expect any claims regarding card payments to be resolved fluently by banks, so that future payment processes can run without incidents.…”

“…P. Nakul, D. Swati and D. Sanjay [1] show that for customers it can be important the way of bank card delivery, especially for the clients from rural areas who had not previously access to modern financial services. Reference [29] notes that although bank cards are payment instruments that are based on advanced technologies, they can often generate problems among customers that need to be solved by directly calling on bank advisers. According to consumer complaints, banks often blame customers themselves and deny their responsibility, subsequently leading to a decline in confidence in the reliability of card payments.…”

Is the cardholder an efficient alarm system to detect credit card incidents?

“…If, traditionally, early detection of a card incident was important because of its extensive use as means of payment in high street shops, the rapid expansion of e‐commerce, e‐government and online banking has made it essential in this newly vulnerable market. Both the issuer and the cardholder are interested in an early alert and prevention of incorrect use of the card to avoid the unintended monetary and nonmonetary consequences that this could cause (Koivunen and Tuorila, ).…”