UK consumers want simple checkouts with their preferred payment methods

Wednesday 8 April 2020 09:59 CET | News

A PPRO research has revealed that 44% of UK consumers state they would stop a purchase if their favourite payment method wasn’t available.

These findings highlight the increasing need for retailers to address consumers’ payment preferences.

Moreover, 58% of respondents would stop a purchase if the checkout process is complicated. Millennials are the least tolerant of complicated checkout processes, with 67% agreeing they would be quick to abandon their purchases.

When asked about speed and convenience, 51% of Generation Z respondents agreed they would avoid using retailers that require entering payment credentials every time. Older generations show a higher tolerance, with only 30% of Baby Boomers and 25% of the Silent Generation expressing a preference to use merchants that offer one-click payments.

While convenience is clearly essential to consumers, retailers also need to accommodate the growing consumer awareness of information security. In fact, 59% of shoppers view the security of their data and money as most important when choosing a payment method. 

On the topic of trust, 30% of UK consumers admitted that they rarely adopt new payment methods and prefer to stay with the payment methods they know. This reveals a considerable amount of UK consumers aren’t prepared to veer away from their preferred payment methods when shopping online.  

1000 interviews were completed in the USA and 1000 interviews were completed in the UK by Arlington Research in February 2020, an independent market research agency, using a nationally representative sample of 2000 adults aged 18+ regarding gender, age and region.

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Keywords: PPRO, report, payment methods, retail, checkout
Categories: Payments & Commerce
Countries: United Kingdom
This article is part of category

Payments & Commerce