For 59% of UK consumers, the risk of fraud is the main reason that makes them to be reluctant in adopting new payment methods, followed by data security incidents (49%) and the risk of theft (45%). The survey also shows that 27% of British consumers do not currently use new payments methods.
When asked what the most desirable feature of a new payment method would be, 49% wanted a reduced risk of fraud.
However, Paul Hastings notes that fraud risks exist with traditional payments methods too and that new payment method providers are often at the cutting edge of ways to address fraud risks, such as the use of tokenization, which helps drive both product and security innovation.
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