PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Turns Out, We Aren’t Quite Ready for an Invisible Payment Experience

By Sarah Grotta
June 7, 2018
in Analysts Coverage
0
3
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Online Payments

Online Payments

The payments industry works diligently to make the act of transacting a payment as simple and frictionless as possible.  A survey conducted by Paysafe suggests that consumers are quite ready to have the payment process disappear completely however, even among consumers in the UK where less obtrusive contactless payment transactions are the norm.  Internet Retailing reported:

The technology exists to take the friction of payment out of the store experience, but it seems that UK customers may not yet be quite ready to trust it, a new study suggests. 

 At early Amazon Go stores in the US, shoppers put their goods in a basket and leave without queueing to pay. They are sent notification of how much their shopping totaled courtesy of the Amazon Go app, and the bill is automatically debited from their pre-authorised payment card.

It’s one vision of a future of convenient shopping. But are British customers ready to buy into that vision? A new study from global payments provider Paysafe suggests they may not yet be there.

The concerns that consumers had were less about the accuracy of the transaction which is an issue that overtime can be overcome, but more about fraud and data privacy which are consumer perception issues that are more difficult to resolve:

It questioned more than 5,000 shoppers from five markets including the UK, US and Germany for the Lost in Transaction: Payment Trends 2018 report, and found that 59% of British respondents through that check-out free stores sounded too risky, or at least that they’d need to know more before using them. Asked why, 52% said fraud was the biggest barrier to using them, while 43% were concerned about the use of their data. There were also fears that systems might buy things they hadn’t ordered (28%) and that spending might not be controlled (26%). Just over a quarter (28%) had used frictionless payment in apps. 

This survey points out, like many surveys before,  that cash is still a favorite with consumers:

Cash is still winning out as the ultimate payment device: 88% of respondents, questioned inhad used it to buy something in the last month – the survey was carried out between April and June 2018 – while 89% had visited an ATM, up from 84% in 2017. That said, most (62%) UK consumers carry less cash than they did, at £21in 2018, down from £33 in 2017.

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

 

3
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: PaymentPaysafe

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025
    Rewire Acquires Imagen, Looking at Prepaid Cards for Migrant Workers

    Smells Like Team Spirit: What Makes Cobranded Credit Cards Work

    July 3, 2025
    uk banking outages

    New Continuous Strategies for Battling Account Takeovers

    July 2, 2025
    Fraud Monitoring

    What to Expect When Nacha’s Fraud Monitoring Rules Take Effect

    July 1, 2025
    payments

    Don’t Just React to What’s Next in Payments—Anticipate It

    June 30, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result