Global provider of cloud-based secure payment solutions PCI Pal has conducted a survey in collaboration with payment organization Worldpay and market research brand Savanta, to analyze consumers' attitudes and experiences toward popular payment methods, and their interest in new payment innovations in the future.
PCI Pal polled over 2,200 people across the US and the UK, highlighting the popularity of Digital Wallet payments such as Apple Pay and Google Pay, with 7 in 10 users opting for online purchases.
The survey revealed that 9 out of 10 of those using newer digital payment solutions in both the US and the UK expressed their satisfaction with the overall experience.
Further, 63% of US and 68% of UK respondents explained that they choose digital payment solutions because it is a faster and easier process. Also, 43% of US respondents said digital wallets make it easier to track purchases.
Questions related to their most trusted payment methods showed different attitudes, as US respondents chose credit and debit cards, while UK respondents prefer digital wallets. Interestingly, cryptocurrency was the least popular payment method in both countries.
Safety and security remain top of mind
Concerning the future of payments, the survey shows that the younger generations (Gen Z and Millennials) are more willing to give new payment methods a go, compared to older generations like Gen X and Baby Boomers. As a matter of fact, 41% of 18-24-year-olds and 48% of 25-40-year-olds in the US have shown their interest in testing future payment methods. Although a smaller number in the UK, the younger generations still showed more interest with 33% of 18–24-year-olds and 38% of 25–40-year-olds.
“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. 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,” says PCI Pal’s VP Product, Alessandro Dalla Volta.
When it comes to the most important payment method preferences for consumers, 90% in the US and 89% in the UK said that personal information security is at the top of the list, followed by ease of use.
“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. We look forward to continuing to partner with companies like PCI Pal to continue to innovate in the space,” says Nicole Asling, VP of Enterprise Partners, Worldpay.
It is up to businesses to put the security and safety of personal data at the forefront of their activities and work on giving their customers a seamless and improved experience with future digital payment methods.
More about PCI Pal
PCI Pal is a global provider of secure payment solutions that empower organizations to take Cardholder Not Present payments securely and remove their business from the significant risks that come from non-compliance and data loss. It enables customers to make payments 24/7 without speaking with an agent or accessing a website. The company aims to provide customers with secure payment solutions for any business communications environment including voice, chat, social, email, and contact center.
