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Online Payments

UK: consumer trust in newer payment methods drops by the wayside, cash still king

Thursday 5 February 2015 | 12:30 PM CET

A recent survey has revealed that consumer trust in newer payment methods has declined significantly in 2014.

The survey, in which 650 UK residents answered questions about their banking and payments habits, also indicates that, for the third consecutive year, cash was seen as the most secure (72.6%), and in 2014, trust in debit and credit card payments on both the high street and online increased by over 20%, in some cases doubling the respective figures from 2013. These results clearly indicate that consumers are much more trusting of payment methods they are familiar with and that this level of trust directly feeds into how they choose to pay on a day-to-day frequency, the same source points out.

The survey also reveals that once again cash is king, not only as the most trusted form of payment, but also as the most popular way to pay, with nearly all respondents claiming to have withdrawn cash from an ATM in the past month (95.8%). This was closely followed by using a bank card on the high street and online (84% and 73.3% respectively).

Nearly 71.3% of respondents believed mobile payments to be the least secure payment method. The results show that whilst the number of people making mobile payments has increased, nearly double the amount of people perceive the mobile device to be the least secure when compared to the 2013 survey results (38%). Contactless payments with contactless cards (46.8%) remained solidly in in second place (41.7% in 2013) on the list of the perceived least secure ways to pay.

The survey was conducted by Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions.

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