The payments industry is an ever-changing beast, so we constantly talk to businesses and shoppers to stay on top of the latest trends. However, some changes in shopping habits and customer preferences come as a surprise―even to us.
Here are the top three industry shopping trends revealed in our Payments Landscape 2017 report that you probably didn’t expect:
1. Cash is still king
It seems like every other quarter there’s a new payment method changing the way shoppers prefer to pay. While contactless and mobile payments are trending upward among UK shoppers, cash is still the most preferred method of payment.
Ninety-one percent of our respondents still say it’s their number one, with debit and credit cards following respectively. Consumers are open to other forms of payments, but the more traditional methods are still predominant.
2. Unsure if it’s secure
Despite the many strides the industry has taken to arm itself against fraud and data breaches, 70% of consumers still have security concerns when paying online and 80% feel more could be done to protect their data.
Preference of payment is clearly linked to perceptions of security―traditional payment methods (debit, credit and cash) are perceived as more secure and thus used more widely.
3. Not so social
As much as we live in a social media society, consumers have surprisingly not embraced payments via social channels. Both businesses and consumers see payments via social media as not secure. However, when asked to choose which social media channel they think is safest, the majority ― at 29% ― selected Facebook.