Self-checkout stores seem too risky for UK consumers

Although frictionless and invisible payments have been hailed as great methods of improving the payments experience, retailers still have to convince consumers that these payments options are safe regarding data and security.   

According to the research, ‘invisible’ payments are not trusted by 52% of UK consumers, who cite fraud as the biggest concern they have for using them. 

 About 69% worry that they will be overcharged if they used this type of service and 59% report that checkout-free stores – where smart technologies record the shopping basket and automate payments – sound too risky, or they’d need to know more before using them.

But this is against a landscape of all-round data insecurity among UK shoppers, with 43% expressing concerns around the use of their data. Meanwhile, other emerging payment methods are polarising consumer opinion – 39% of the UK public would let fridges automatically re-order food, but 43% don’t expect to adopt the technology in the next two to three years.

The report, called Lost in Transaction: Payment Trends 2018, is an international research study investigating consumer attitudes to new and traditional payment methods. The research incorporates consumer views from the UK, US, Canada, Germany and Austria, and draws comparisons with Paysafe’s inaugural Lost in Transaction report in 2017.

Unsurprisingly, cash continues to thrive as the most common form of payment: 88% of consumers used it in the past month to make a purchase. ATM visits were up too – 89% had visited one in the last month compared to 84% in 2017. Yet, as contactless has expanded, 62% of UK consumers carry less cash than a year ago, falling from an average of GBP 33 in 2017 to GBP 21 in 2018.