Lockdown legacy: Confidence in trying new digital payment methods
Issue 21 | 9 April 2020
Welcome to issue 21 of Request to Pay: Unpacked - helping you get to grips with the UK’s new service that provides the ability to request payment for a bill.
The Request to Pay: Unpacked newsletter delivers insights, hot topic briefings and unpacks the fundamentals of the UK’s new payment overlay service.
Confidence in trying new digital payment methods
Research by American Express reveals that one third of UK consumers (33%) feel confident trying new online payment methods. Additionally, one in five (20%) report that the pandemic has made them more open to trying new forms of payment online, with the same number (20%) stating that it has also changed the way that they think about how they pay for products and services online.
The research, conducted in partnership with YouGov, shows that these behaviours can be linked to consumers adapting to the ‘new normal’, with 40% reporting that they have spent more money online since the onset of the pandemic and 60% intending to continue shopping online more than on the high street when restrictions lift.
66% of Britons identify areas for online payment improvements
This upsurge in online transactions has led to consumers expecting more from online payment experiences - with two thirds of Britons (66%) identifying areas for improvement in the payment method they currently use when shopping online.
63% of Britons would consider a new payment method if to offered a more secure way to pay
The research also shows that security is one of the key considerations for consumers when choosing a payment process - with 63% saying they’d consider a new payment method, such as those powered by Open Banking, if it offered a more secure way to pay.
50% would consider a new payment product if offered by a well-known brand
Half (50%) of consumers are more likely to use a new payment product if offered by a well-known brand. This highlights the importance of new payment options working within existing financial structures.
Source: Internet Retailing
American Express’ research supports the emergence of Request to Pay as a new digital payment method offering the flexibility of cash with the control of Direct Debits.
Request to Pay:
is a messaging ecosystem that provides the necessary interconnecting secure communications required to make secure payment requests possible.
reduces the cost of managing bill payments by offering customers their choice of payment method through one integration.
delivers easier bill payments, happier customers.
increases engagement with your client base by becoming the foundation of their bill payment experience.
Traditional payments require customers to visit a biller or merchant checkout and initiate a payment.
With Request to Pay this process is decoupled so that a biller can initiate a payment request and a customer can choose where and how they pay.
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Request to Pay: Unpacked is published by Mike Chambers and unpacks the UK’s new service that provides the ability to request payment for a bill.
Mike is the Chairman of Answer Pay who connect payment services providers to Request to Pay services through a simple integration.
For more on Answer Pay and the Request to Pay service please visit: Answer Pay.
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