PCI Pal partners with Worldpay from FIS and
Savanta to explore behaviors, attitudes, and experiences of
consumers toward today’s most popular payments methods
A survey of more than 2,200 people across the United States and
United Kingdom has found that Digital Wallet payments, such as
Apple Pay, Google Pay or PayPal, are increasing in popularity in
both the US and UK, with at least 7 in 10 using the method
regularly to pay for online purchases.
The survey, conducted by PCI Pal® (LON: PCIP), the global
provider of cloud-based secure payment solutions, in partnership
with leading payments organization, Worldpay and market research
brand, Savanta, explores payment method preferences, including; the
methods they trust most, and their interest in trying new payment
innovations in the future.
Of those opting to use newer digital payment solutions in the
past 12 months, 9 out of 10 in both the US and UK agreed that they
are satisfied with the overall experience.
Around two-thirds of respondents in the US (63%) and UK (68%)
said that paying using digital wallet solutions are appealing
because they are faster and provide a simpler check-out process,
with almost half of UK shoppers (49%) saying it is easier than
inputting payment card numbers associated with more traditional pay
by card options. Meanwhile, 43% of US respondents said it makes it
easier to track purchases they have made using digital wallets.
When asked about more trusted payment methods, there was a
difference in perspective amongst US and UK respondents, with the
former leaning toward debit and credit cards while card payments
and digital wallet was mentioned by UK respondents. Cryptocurrency
was mentioned the least with just 2% of US and 1% of UK respondents
trusting this method over others.
In terms of other alternative payment methods used for online
purchases, Pay by Bank has greater uptake in the UK than US, with
just over half of British respondents confirming that they have
used this method, versus 46% of their counterparts in the US.
When it comes to the future of payments, the younger generation
(Gen Z & Millennials) is more willing to try out new payment
methods and integrate them into their routine vs. Gen X and Baby
Boomers. In fact, 41% of 18–24-year-olds and 48% of 25–40-year-olds
in the US are very interested in learning about new options.
Although UK respondents were less open overall, Gen Z and
Millennial respondents were more willing to explore new options,
with 33% of 18–24-year-olds and 38% of 25–40-year-olds reporting
that they are very interested.
“Based on the patterns we’re seeing among US and UK consumers,
it is evident that while debit and credit cards remain popular
choices, there is an upswing in the usage of alternative methods
such as digital wallet and Pay by Bank. It is therefore important
for merchants to offer choices to consumers on how they pay for
their goods or services to maintain a positive customer and payment
experience,” says PCI Pal’s VP Product, Alessandro Dalla Volta.
“PCI Pal is committed to continuing to be a part of the payment
solution by offering technology that empowers companies and
customers to transact with speed and convenience while safeguarding
personal data.”
While there are many factors that impact payment method
preferences for individuals in the US and the UK, over half of
survey respondents in both regions identified personal data
security as the most important aspect, followed by ease of use.
In fact, an overwhelming percentage of consumers - 90% in the US
and 89% in the UK – said that personal information security is the
most important factor to take into consideration when choosing a
payment method.
“The payments landscape continues to evolve and understanding
what consumers are looking for and willing to try is an extremely
important aspect of how we move forward,” says Nicole Asling, VP
Enterprise Partners, from Worldpay. “We look forward to continuing
to partner with companies like PCI Pal to continue to innovate in
the space.”
As the payments industry continues to evolve, the most
successful payment solutions will be ones that prioritize the
safety and security of personal data and can show clear outcomes
that support security measures. As personal data security and ease
of use dominate the most important factors to consumers, the data
shows the younger generation is excited to try new methods. As new
methods are implemented to serve the consumers’ spending
preferences, there is an educational curve that is up to
organizations to take consumers through how to engage with this
wide variety of payment methods as they enter the market. This is
an opportunity for businesses to highlight their customer
experience and security best practices if done properly.
For more information on PCI Pal visit www.pcipal.com or follow
PCI Pal on Twitter.
Notes to Editors:
Survey Methodology
FIS partnered with Savanta to explore behaviors and attitudes
towards payment methods for thought leadership content. We launched
a survey of approximately 10 minutes, asking consumers about how
they selected their current payment method, which methods they
trust most, and their interest in trying new payment methods in the
future. We also asked about their interest in and experiences with
Buy Now Pay Later (BNPL), Pay by Bank, Digital Wallet, and Contact
Centres.
A total of 2252 consumers were surveyed
- 1143 from the US
- 1109 from the UK
About PCI Pal
PCI Pal (LON: PCIP) is a leading provider of SaaS solutions that
empower companies to take payments securely, adhere to strict
industry governance, and remove their business from the significant
risks posed by non-compliance and data loss.
Using patented technology, its mission is to safeguard
reputation and trust by providing customers with secure payment
solutions for any business communications environment including
voice, chat, social, email, and contact center.
PCI Pal is integrated to, and resold by, some of the world's
leading business communications vendors, as well as major payment
service providers.
PCI Pal products can be used by any size organization globally,
and it is proud to work with some of the largest and most respected
brands in the world.
For more information visit www.pcipal.com or follow the team on
LinkedIn: https://www.linkedin.com/company/pci-pal/.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221129005026/en/
Editor’s Contact: Ali Karp, SourceCode Communications
pcipal@sourcecodecomms.com
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