2016 UK consumer payment study

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TSYS has announced the results of its 2016 UK Consumer Payment Choice Study. New to the second annual research were findings related to emerging payments.

The online survey of more than 500 UK consumers found that P2P payments and lending are moving mainstream, contactless has arrived and Bitcoin has low rates of consumer awareness.

P2P payments usage

“We expect the relationship between digital engagement and emerging payments to continue as innovation increases and new products become available to consumers,” comments John Goodale, group executive, strategic markets, issuer product group, TSYS. “Providing a more integrated customer experience and expanded consumer choices will help drive progress and increased adoption across the payments industry.”

In addition to providing insight into the growth of emerging payments, the study also tracks developments in behaviour and information around consumer preferences for payment and communication methods. Other key findings include:

  • UK consumers like tools which allow them to proactively monitor, track and manage their accounts.
  • UK consumers consider the idea of paying in instalments a valuable proposition — with a substantial increase in terms of perceived value in comparison to 2015.
  • The majority of respondents would like to determine the level of offers and discounts they receive from a merchant identified by their bank, with a slight increase in terms of perceived value compared with 2015.
  • Contactless cards usage has reached critical mass, led by younger and wealthier demographics.
  • M-payments could increase in the short term if consumers were more informed about tokenisation.

To learn more about UK consumer preferences and to get the complete survey CLICK HERE

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