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July 9, 2019

Brits prefer security over convenience while making online payments

A new survey has found that British consumers are more concerned about online payment security than with speed and convenience.

The online survey, conducted by Equifax with YouGov, revealed that 66% of the respondents rated security as most important aspect in the online checkout process.

Only one in ten customers preferred speed or simplicity over others aspects, the Equifax survey added.

The concern for payment security was found to be the highest across all demographics with the highest among people over 55 years of age (75%).

It dropped to 52% and 53% in the age-group 18-24 and 25-34, respectively.

More than three-fourth (76%) of the respondents said that they are willing to compromise with convenience during checkout if that ensures greater security.

Around 45% of the Brits said that they can switch a particular online retailer over payment security concerns. This figure is significantly higher compared to other factors such as having to create an account (14%), confusing process (8%) and too many steps during checkout (6%).

Equifax head of ID and fraud Keith McGill said: “With more than 20% of retail revenues coming from online sales, it’s positive to see so many consumers have security front of mind when they’re at the online checkout.

“The latest stats from Cifas do however show an increase in identity fraud so it’s important shoppers remain vigilant.

“If you have any doubts about the professionalism of a website you should always think very carefully before entering your personal or payment details.”

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