Future payments trends aren’t quite what you’d expect
Last week I had the pleasure of attending a morning meeting with PayPoint about its re-brand and the reasons why it’s focusing more on the mobile market and introducing a multichannel approach to the payments market. While that’s all well and good, the real juicy information from the meeting came in the form of a Centre for Economics and Business Research report around recent trends in payment methods and projections for the future.
We here at Total Payments have turned these facts and figures into a handy infographic for you to take a look at and share, but there are some surprising facts to be found in Cebr’s report.
For instance, it appears that the youth market (18-24 year-olds) isn’t the payments driving force that you’d expect; with research showing that the 25-34 market were actually more interested in using their phones or alternative methods of payment. The younger market actually preferred to use cash and had an interest in making cheque payments – although, that’s probably more down to novelty value around having not made one in the past.
Research also shows that people don’t like unexpected costs nor slow checkout times, both in-store and online, leading to high abandonment rates while people opt for alternative places to buy a product from.
Cebr also estimates that a better payments system could bring in an extra £2.5bn to the retail sector in-store, and £390m online.
To see more facts and figures take a look at the infographic below. As always, click the image to see a bigger version.