The importance of providing customers with a range of payment options has increased due to the challenging economic climate. That is the key takeaway from a report published by payments solutions provider Access PaySuite. The report reveals that almost one in three (30%) report a negative experience when purchasing health and wellbeing services or products as a result of limited payment options.

The research notes that online and in-person cash payments are the most popular ways to pay. Meantime, over a quarter of consumers want to pay via Direct Debit. A further 17% prefer to pay via a mobile app when booking. This is followed by mobile in-person such as Google Pay (14%) and over the phone (13%).

Payment preferences: health and wellbeing

Health and wellbeing treatments and/or services: which, if any, of the following payment method(s) would you prefer to use the most? (Select up to three)

Online card payment (debit or credit card) 33%
In person (by cash or card) 32%
Via a direct debit (directly from bank account) 27%
By a mobile app when joining/booking 17%
By mobile in person (I.e ApplePay or GooglePay) 14%
Over the phone (debit or credit card) 13%

Payment choices: generational differences

Unsurprisingly, generational differences play an important role in the choice of payment methods. Almost 30% of Generation Z (those born between 1997–2010) would rather pay online. This compares to less than 6% of the Silent Generation (those born between 1928–1945). Digital platforms are particularly important for those younger demographics.
Statistics from UK Finance show three in ten adults are registered for mobile payments. The figure rises to 54% and 48% for 16-24- and 25–34-year-olds respectively.

Gen Z active users of open banking

Open Banking UK data also shows that one in ten British consumers are active users of open banking. Gen Z is a key demographic within this uptake. Wider research from TransUnion shows that 42% of Gen Z have used open banking.
Andrea Dunlop, MD of Access PaySuite, said: “It’s no surprise that the ongoing economic difficulties consumers are facing means that many are already weighing up the affordability of health and wellbeing treatments or products. Households are having to make difficult choices about where they spend their increasingly stretched disposable income.
“Our findings highlight the challenges facing businesses in the health and wellbeing sector. Businesses need to keep up with consumer expectations around payments. For businesses that can have a transformative impact on the day-to-day lives of their customers, it’s even more important to remove barriers to sale.
“Almost one in three consumers (30%) want the option to spread their payments. Many expect a range of convenient payment options which suit their needs. Online and mobile payments are moving from being a ‘nice-to-have’ to becoming essential for daily operations.”

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By GlobalData