The PSR commissioned BritainThinks, an independent research company, to conduct a two- stage programme of qualitative and quantitative research with consumers.

Overall and in the context of Covid-19, the research looked to:

  • Understand consumer awareness of payment systems
  • Explore consumer expectations and perceptions around payments
  • Explore consumers’ needs in relation to payments
  • Understand any challenges consumers face around payments
  • Identify what consumers expect from the future payments landscape.

Key findings:

  • While awareness of payment systems remains low, consumers are familiar with a range of payment methods.
  • The most frequently used payment types are contactless card payments, cash and chip and PIN card payments. There has been a significant increase in the claimed use of contactless and mobile payments since 2017.
  • There is a high level of satisfaction with the choice of payment systems available to consumers, trust that the system works well, and problems are felt to be rare.
  • A range of factors influence the use of different payment systems, such as the value of the payment, retailer preference, social norms and Covid-19 considerations.
  • Consumer priorities for the future of payment systems in the UK focus on tackling fraud and payment scams; improving security of payment systems; supporting access to cash and ensuring consumer protection across all payment types.

Source: Britain Thinks PSR Consumer Research 2020.

More: Payment Systems Regulator: Consumer Research.