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.
- 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.