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

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.