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February 18, 2013updated 04 Apr 2017 4:12pm

Consumers prefer digital payments if provided by banks

Digital payments are more attractive to UK consumers if provided by their bank, according to new research from VocaLink.Consumers prefer digital payments if provided by banks

By Kitty Dann

Digital payments are more attractive to UK consumers if provided by their bank, according to new research from VocaLink.

The research, undertaken by Accord on behalf on VocaLink, includes quantitative analysis from 5,000 UK consumers, merchants and businesses.

The research indicates that banks are trusted to provide safe and secure transactions.

"Traditional institutions have a key role to play and should be at the forefront of payments innovation by delivering services based on consumer demand," Mr Stoddart said.

The research highlighted that a third of smartphone owners have used them to shop online, 42% for online banking, whilst 43% of tablet owners use them for online shopping, 33% for online banking.

Paul Stoddart, managing director of strategy and business development at VocaLink, said: "These figures demonstrate the opportunity to revolutionise the UK payments industry using portable devices to support the growing population of people who already transact digitally."

He added: "Mobile payments have long been seen as the next revolution in payments.

"Yet despite the popularity of smartphones and tablets and a number of companies entering the space, no one payment method has as yet succeeded in achieving ubiquitous adoption."

Related articles:

VocaLink partners with Singapore’s BCSIS

VocaLink launches real-time m-payment service

 

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