Research by American Express reveals that one third of Brits (33%) feel confident trying new online payment methods. Additionally, one in five (20%) report that the pandemic has made them more open to trying new forms of payment online, with the same number (20%) stating that it has also changed the way that they think about how they pay for products and services online.
The research, conducted in partnership with YouGov*, shows that these behaviours can be linked to consumers adapting to the ‘new normal’, with 40% reporting that they have spent more money online since the onset of the pandemic and 60% intending to continue shopping online more than on the high street when restrictions lift.
This upsurge in online transactions has led to consumers expecting more from online payment experiences – with two thirds of Britons (66%) identifying areas for improvement in the payment method they currently use when shopping online.
The research also shows that security is one of the key considerations for consumers when choosing a payment process – with 63% saying they’d consider a new payment method, such as those powered by Open Banking, if it offered a more secure way to pay.
Half (50%) of consumers are more likely to use a new payment product if offered by a well-known brand. This highlights the importance of new payment options working within existing financial structures.
Holly Coventry, director, Pay with Bank transfer, commented on the findings: “This research clearly demonstrates that the extra time – and money – spent online over the course of the pandemic has heightened consumer awareness of the pain points in existing payment processes. As e-commerce will continue to be critical for many businesses, they need to make sure they’re staying on top of the latest payments tech. Consumer expectations are higher than ever, so offering a fast and frictionless, but highly secure, payment option is key to long-term sales success.”
*YouGov surveyed 1,013 members of the UK general public who manage their finances with online banking and have made an online purchase in the last six months. The survey was nationally representative on key demographics of age, sex, region and social grade. Fieldwork took place from 4th – 7th January 20