Yapily publishes on UK companies losing millions at checkouts

Monday 20 March 2023 13:57 CET | News

Open Banking platform Yapily publishes new research which reveals that businesses in the UK are losing up to GBP 656 million at online checkouts. 

The paper is entitled ‘State of Payments 2023: The £650 Million Problem Open Banking Can Fix’ and it focused on 2,000 adults that live in the UK. It revealed that 52% of the surveyed customers decided to ditch at least one of their online purchases in the last 12 months because of the poor services they experienced at the online checkout. 

The popular difficulties some clients experienced during the process of paying online included the manual input of card detail (25%), merchants not being able to accept their preferred payment method (19%), as well as many payments being blocked because they were suspected of fraud (15%). 

Furthermore, 77% of UK customers experienced challenges in the procedure of making and receiving digital payments. Over 36% of clients mentioned that refunds are taking a long time to appear in their accounts and it represents a reason for concern for many of them. Moreover, approximately 20% said that their main problem is represented by the fact that they don’t know on what date the payments will leave their accounts. 

Abandoned sales were mostly between GBP 21 and GBP 60 (69%), GBP 61 and GBP 100 (25%), with the average value being at GBP 30 for discarded shopping basket sitting. They also were found among younger generations, 70% of those ages between 16 and 24, and 64% with ages between 25 and 34. 

Up to 41% of UK users prefer to see businesses that offer more efficient and easy payment methods at checkout, such as the Pay by Bank application, service, or product. Included in the research, the Open Banking-powered service Pay by Bank offers clients the possibility to instantly send and receive money directly from their personal bank account while making online purchases. Companies and businesses can also benefit from using Open Banking payments, such as having the opportunity to cut out costly interchange fees, boost conversion rates, and reduce fraud risks. 

The research prioritises the opinions and experiences provided by UK customers, offering organisations an overview of modalities to improve their payment methods, making them easier to use, as well as more seamless and secure. 

Open Banking platform Yapily publishes new research which reveals that businesses in the UK are losing up to GBP 656 million at online checkouts.

Yapily’s strategy in the Open Banking industry

Open Banking infrastructure platform Yapily offers its customers multiple solutions in order to connect them to several banks across Europe. This focuses on allowing clients to access financial data and initiate payments, enabling companies to incorporate Open Banking solutions into their products and tools for a better payment experience. 

At the beginning of March 2023, the company partnered with Zilch, a payments technology organisation, to provide better access to 0% interest swift repayment credit. Following the deal, Zilch leveraged Yapily’s Open Banking platform and expertise to offer a better credit decisioning process to its users. 

Yapily also appeared in a `Voice of the Industry` article published by The Paypers in February of 2023. The company was mentioned as one of the organisations that had multiple collaborations in the Open Banking area during 2022. Included in the publication was the deal between Yapily and Centua. While using Yapily’s platform, with the customer’s consent, Centua had the possibility to fetch individual bank account information (such as annual income and expenses) to automatically assess a person’s financial position. Centua further offered this information in its Open Banking powered cover calculator in order to provide more accurate and personalised insurance policy recommendations. 

Individuals were able to receive point-in-time recommendations in minutes, without needing to engage with lengthy data-gathering and advice processes when applying for life insurance coverage. 

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Keywords: payment processing, online payments, payments , Open Banking, Open Banking payments, Open Finance
Categories: Payments & Commerce
Companies: Yapily
Countries: United Kingdom
This article is part of category

Payments & Commerce


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