Many UK shoppers are abandoning payments due to anxiety over making mistakes, which brings financial losses to local SMEs, new research from Tink, a Visa Solution, reveals.
A recent study from Tink highlights growing consumer hesitation around manual bank transfers. Six in 10 Brits (59%) worry about entering incorrect payment details, while only 11% feel fully confident when paying online. This fear, dubbed the ‘Fear of Messing Up’ (FOMU), is driving abandoned transactions and eroding trust in small businesses.
For UK SMEs, the consequences are tangible. Among those accepting manual transfers, 43% reported payment problems caused by customer errors in the past year. These errors lead to lost sales, extra administrative work, and strained customer relationships – a phenomenon Tink calls the ‘Cost of Messing Up’ (COMU). SMEs experiencing payment issues spent time tracing missing funds (38%) or assigning staff to resolve problems (28%).
Consumer payment mistakes also carry frustration. Nearly three in 10 had to contact their bank to recover funds, and 23% said the experience reduced their confidence in making future payments. Unsurprisingly, over a third (37%) would rather abandon a payment than risk a mistake.
Tink’s research also shows a path forward: 78% of consumers are more likely to complete a transaction if they can verify payment details beforehand. In response, 27% of SMEs now prioritize payment methods with minimal human-error risk.
Ian Morrin, Head of Payments at Tink, explained that relying on manual transfers puts all the pressure on consumers. However, when mistakes happen, it’s the businesses that pay the price. He noted that secure, verified methods like Pay by Bank reduce risk, boost customer confidence, and protect SMEs at checkout.
Tink, part of Visa A2A, brings greater protection to Pay by Bank payments, offering consumers security comparable to card transactions while helping SMEs minimize payment errors.
Methodology: SME research was conducted by Opinium for Tink between 23 May and 2 June 2025, surveying 500 UK SME decision makers. Consumer research was conducted by Opinium for Tink between 23–27 May 2025 among a nationally representative sample of 2,000 UK adults.
