Research by American Express and YouGov found that 20 percent of British consumers found the pandemic made them “more open” to new forms of online payments. Trust in well-known brands providing the service and security were key elements driving consumer confidence.
The shift to e-commerce has upped adoption of new payment methods by driving retail sales over the last year. Buy now, pay later schemes have seen a boost during the pandemic as plans encourage customers to spend more despite economic circumstances.
The surge in online transactions has highlighted increased expectations from consumers with security being a key consideration. The findings show that 63 percent say they would consider new methods if it ensured a more secure payment process.