For 83 percent of UK consumers payment tech is key criterium for shopping options

Thursday 14 May 2020 10:01 CET | News

A Modularbank research has found that over 83% of UK consumers claim that payment tech is important when choosing where to buy goods and services.

Based on a survey of 2,000 UK consumers, only 22% of respondents claimed to not require anything further from online merchants when it comes to the payment process, with 34% wanting more payment flexibility, 45% increased security and 45% a simpler checkout process.

Moreover, a significant proportion of UK consumers would also like to see easier transactions (49%) and more flexible payments (30%) from day-to-day service providers such as telecoms and utilities companies. 

Other key findings:

  • 37% of UK consumers abandoned a planned purchase due to lack of payment flexibility;
  • 42% admitted they would abandon a high cost transaction if their preferred method of payment wasn’t available;
  • 23% would abandon a high cost transaction if not able to pay flexibly (i.e. in instalments).

All statistics are based on a survey commissioned by Modularbank in partnership with market research specialists, OnePoll, in February 2020.

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: Moudlarbank, report, online shopping, payment technology, fintech, payment options
Categories: Payments & Commerce
Countries: United Kingdom
This article is part of category

Payments & Commerce