Majority of consumers choose payment method that is easiest to use

The company shared opinions of over 2000 UK consumers

payments online

Majority of consumers choose payment method that is easiest to use. Source: pexels.com

New data from Nuapay, powered by Sentenial, has revealed that consumers are frustrated with the user experience when making card payments online.

In fact, 52% of payers choose their payment method based on convenience and ease of use. Meanwhile, 30% unveiled their biggest concern about shopping online is the time it takes to input card details and process payments.

Perhaps most worrying is that a quarter of consumers said they have lost out on purchasing goods or services because inputting their card details took too long. This rises to 47% of 16-24-year olds and 44% of 25-34-year olds – two key demographics for many online retailers.

Indeed, the research found that in 2019 this age range had the highest percentage of online shoppers, with 97% of these adults shopping online within the year.

The survey also found that 54% of UK consumers would be willing to use Open Banking as an alternative way to pay. This rises to 64% of consumers who use mobile banking and can benefit from the most convenient Open Banking payer experience.

A key blocker to this technology becoming mainstream appears to be a lack of understanding. 37% of consumers stated that they would be willing to make an Open Banking Payment if they had an increased understanding of Open Banking technology, its security features, or how the payment experience is more convenient than using cards.

Collectively, the data shows consumers have a strong willingness to adopt new payment solutions that improve convenience and security over traditional payment methods. It’s clear that Open Banking technology needs a leading consumer brand to kick start the revolution that has been coming since its inception – a retailer who can do for Open Banking what Transport for London did for contactless. Retailers have an opportunity to provide a payment method with the numerous advantages Open Banking can bring to both their business and consumers. Consumers are assured safe, secure, and efficient payments in-store and online. In turn, retailers can improve customer experience to increase sales and reduce cart abandonment
Nick Raper, Head of UK at Nuapay

We’ve reported that 8 million Brits are worried about losing their possessions as a result of theft during the festive season.

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Categories: All materials Fintech News
Tags: UK