One in three Brits confident trying new payment methods

One in three Brits - 33 per cent - feel confident trying new online payment methods, according to research by American Express.

The findings come ahead of non-essential brick and mortar stores starting to reopen from April 12.

The research carried out by YouGov surveyed 1,013 members of the UK public who use online banking and have made an online purchase in the last six months.

One fifth - 20 per cent - of respondents said that the pandemic has made them more open to trying new forms of payment online, while the same number said it has changed the way that they think about paying online.

The research also said that 40 per cent of respondents have spent more money online since the onset of the pandemic and 60 per cent intend to continue shopping online more compared to the High Street when restrictions lift.

The financial services giant’s research went on to suggest that the increase in online transactions has led to consumers expecting more from online payment experiences and said 66 per cent of respondents identified areas for improvement in the payment method they currently use when shopping online.

In addition, 50 per cent said they are more likely to use a new payment product if it’s offered by a well-known brand.

Holly Coventry, director of American Express’s Pay with Bank transfer division, said: “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.”

She added: “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.”

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