BR-DGE research reveals consumers' concern about payment security

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.

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.

​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.

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.