Check this out: 52% of shoppers want to keep the checkout and not move to invisible payments
Check this out: 52% of shoppers want to keep the checkout and not move to invisible payments

The shift towards ‘frictionless’ payments – invisible transactions that take place ‘behind the scenes’ in apps – is being held back by UK consumer concerns over security and data privacy, according to new research conducted by Paysafe.

While there is a push to improve the in-store experience by removing the checkout, many consumers it seems are not so keen, with a report from a leading global payments provider,finding that these ‘invisible’ payments are not loved by 52% of UK consumers, citing fraud as the biggest barrier to using them.

In fact, 69% worry about being overcharged if they used this type of service and 59% report that checkout-free stores – where smart technologies record the shopping basket and automate payments – sound too risky, or they’d need to know more before using them.

But this is against a landscape of all-round data insecurity among UK shoppers, with 43% expressing concerns around the use of their data. Meanwhile, other emerging payment methods are polarising consumer opinion – 39% of the UK public would let fridges automatically re-order food, but 43% don’t expect to adopt the technology in the next two to three years.

The report, called Lost in Transaction: Payment Trends 2018, is an international research study investigating consumer attitudes to new and traditional payment methods. The research incorporates consumer views from the UK, US, Canada, Germany and Austria, and draws comparisons with Paysafe’s inaugural Lost in Transaction report in 2017.

Perhaps surprisingly, cash continues to thrive as the most common form of payment: 88% of consumers used it in the past month to make a purchase. ATM visits were up too – 89% had visited one in the last month compared to 84%…