Open Banking payments adoption increasing amongst UK consumers
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Just shy of 20% of UK consumers intend to increase their use of account to account payments over the next 5 years, leading Open Banking payments to outpace other types of payment methods, according to new research.
The study, conducted among more than 2,000 UK consumers, found that while cards continye to be the main payment method of choice, with 22% of respondents indicating this as their preference, account to account payments powered by Open Banking followed very closely at 19%.
With research revealing that 42% of consumers in the UK showing an intent to utilise Open Banking payments for in-store purchases and 37% likely to make online payments this way, adopting an account-to-account solution to complement an existing card solution makes sense to do.
Consumers were asked about the different factors influencing their decision to make an online payment, with security (60%) emerging as the leading factor, followed by privacy, at 41%, speed, at 38% and lastly, convenience, cited by 34%.
When questioned about the importance of accessing real-time information about their bank account balance, 85% of respondents said this was important to them.
Mark Perks, Co-Founder at Click, said: “The payments industry is experiencing exciting changes, not seen since the introduction of the card schemes, with new payment innovations coming every day, enabled by Open Banking.”
With Click, merchants’ customers can instantly connect to their online bank account to complete the payment, removing the need to manually input financial details or to set up additional accounts with third party payment providers.
Once the customer verifies the payment through their bank, they are automatically redirected to the merchant’s website and the transaction is completed, with the amount instantly deducted from an their account and landing in the merchant's account instantly.
Chris Jenkins, Co-Founder at Click, said: “With Click's innovative account-to-account solution, we are excited to further simplify payments for our merchants and enable them to offer their customers additional modern, secure and convenient ways to pay.”
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