Payments tech 'now key to consumer shopping decisions'

New research has revealed that 80 per cent of consumers think payments technology is now key to their purchasing decisions.

A OnePoll survey of 2,000 UK consumers for FinTech startup Modularbank found that just 22 per cent of respondents did not require anything more in the payments process from online merchants when it came to choosing which retailers, telecoms and utilities companies to use.

More than a third (34 per cent) said they have now come to expect more payments flexibility, while 45 per cent said they wanted increased security, and the same amount (45 per cent) said they wanted a simpler checkout process.

The demand for payments technology was not just restricted to e-commerce retailers, the survey found, with nearly half (49 per cent) saying they would like to see easier transactions, and 30 per cent requested more flexible payments from day-to-day service providers such as telecoms and utilities companies.

Vilve Vene, co-founder and chief executive of Modularbank said: “It is clear that good technology is really key when it comes to attracting and retaining a customer base - nowadays every company should, to some extent, act as a FinTech company."

The research also showed that 37 per cent of UK consumers have abandoned a planned purchase due to lack of payment flexibility, with 42 per cent admitting they would abandon a high cost transaction if their preferred method of payment wasn’t available.

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