BR-DGE research reveals consumers' concern about payment security

Thursday 30 March 2023 13:17 CET | News

Payment orchestration provider BR-DGE has revealed research showcasing increased concern amongst UK-based consumers regarding payment security when shopping online.


As per the information detailed in the press release, the UK consumer survey research highlights the importance of online retailers upgrading their payment security, with 34% of shoppers ranking data security and payment encryption as being the most important element within a positive online payment experience.

The survey of more than 1,200 consumers highlights a need for improved security infrastructure to put them at ease when carrying out payments, as 83% of respondents stated that they are concerned regarding the way in which their card details are processed and stored during transactions.

BR-DGE research findings on consumers’ security-related concerns

Apart from calls for increased security at checkout, two-thirds of online shoppers (68%) demand a frictionless payment experience, noting that a poor experience at checkout negatively influences their willingness to purchase online. A majority (52%) advised that being moved from the checkout screen for authentication could impact them going through with the transaction.

Payment orchestration provider BR DGE has revealed research showcasing increased concern amongst UK based consumers regarding payment security when shopping online.

​Source: BR-DGE

Additionally, the research showcased that retailers should prioritise avoiding failed transactions, as 1 in 5 consumers (21%) claim that failed transactions decrease their confidence in the seller, whereas approximately a quarter of shoppers (23%) claim that said failed transactions also reduce their confidence in the checkout itself.

What is more, payment modernisation has become increasingly important for retailers, as the research reveals that 2 in 5 online shoppers (41%) spend online at least once on a weekly basis. Furthermore, the press release details that The Office for National Statistics (ONS) published data showcasing that 27p in every GBP 1 spent by shoppers was in the online space, an increase from 19p in 2019. The research further highlights the importance of online retailers’ investment in their payment infrastructure to ensure their systems can keep up with consumers’ changing payment needs and withstand periods of high transaction activity.

Payment orchestration provider BR DGE has revealed research showcasing increased concern amongst UK based consumers regarding payment security when shopping online.
Source: BR-DGE

Commenting on this, Mark Whybrow, Enterprise Sales Manager advised that the research showcases how payment is becoming an increasingly important issue for consumers when making purchases online, with the data clearly highlighting that consumers demand more secure, frictionless payment experiences when they shop online with their preferred retailers. For those retailers aiming to increase their online channels’ revenue, it is believed vital that they consider how their checkout technology and payment journey can be adapted to meet consumer needs.

What is more, when talking about ecommerce firms, the research highlights the chance to improve the customer experience related to payment and decrease failed transactions by having their payments infrastructure optimised. As consumer budgets tighten, there’s increased importance on providing an end-to-end payment experience to build customer loyalty.

As per the information provided in the press release, the survey of 1,252 individuals was conducted by ImpactSense on behalf of BR-DGE.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: research, study, financial crime, financial data, online payments, cybersecurity, online fraud, transaction fraud, transaction laundering, retail, ecommerce, merchants, checkout optimisation , online shopping, payments infrastructure, virtual card, data protection, fintech
Categories: Fraud & Financial Crime
Companies: BR-DGE
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime


Discover all the Company news on BR-DGE and other articles related to BR-DGE in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events