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May 4, 2020updated 19 Jun 2020 3:45am

Paysafe Survey: 54% of UK consumers are using new payment methods

By Evie Rusman

Paysafe research has revealed that over half of UK consumers have used new payment methods since the Covid-19 outbreak began.

In addition, 84% of respondents admitted they were now thinking differently about how they make payments. 

Daniel Kornitzer, Chief Business Development Officer at Paysafe, said: “Our latest ‘Lost in Transaction’ research shows that consumers are already adapting to challenges in purchasing and getting to grips with alternative payment methods.

“Both payment providers and retailers must adapt in line with the demands of consumers and the requirements of the situation. Ultimately, the change and improvements we make to digital commerce throughout this pandemic will pave the way for the future of both digital and in-store payments.”

The research emerges as e-commerce levels have skyrocketed since country lockdown restrictions were imposed. Nearly half of UK consumers (43%) said they increased their online shopping habits because of restricted access to shops.

Consumers are also broadening their horizons when it comes to using new payment methods. In the survey, 63% of UK consumers said they will be using contactless payments more due to health and safety concerns.

Furthermore, 61% said they are happier using contactless now than they were last year.

The research also showed a marked increase in the popularity of digital wallets such as, with 12% of UK consumers using them for the first time to make an online payment.

Other findings

Other global findings in Paysafe’s survey include:

  • 48% of consumers are worried about handling cash at the moment
  • 55% of consumers say they will be using contactless more in the short term due to health and safety concerns
  • 56% are happier to use contactless cards than they were last year
  • Just 28% of Britons and 22% of Canadians and are currently using cash to make payments

Last month, Paysafe teamed with Yorkshire-based Gala Technology to launch a multi-channel payment solution.

 

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