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UK consumers expect fast and frictionless payment journeys

5 min read|Published May 18, 2022
UK consumers expect fast and frictionless payment journeys

Tink’s latest survey shows that consumers in the UK expect online payments to be safe, secure, and seamless. A large majority (88%) of respondents are prepared to abandon a transaction if faced with friction. To keep up with UK consumers’ sky-high expectations, it’s time to ramp up the pace of payments innovation.

TL;DR – Quick summary
  • Tink’s latest survey shows that consumers in the UK have sky-high expectations on their digital payment experiences

  • In fact, 88% of respondents said they’d consider abandoning a transaction if faced with friction

  • The research highlights the need for the payments industry to ramp up innovation and focus on user experience

TL;DR – Quick summary
  • Tink’s latest survey shows that consumers in the UK have sky-high expectations on their digital payment experiences

  • In fact, 88% of respondents said they’d consider abandoning a transaction if faced with friction

  • The research highlights the need for the payments industry to ramp up innovation and focus on user experience

As online payment options increase, so do consumers' expectations of digital payment experiences. And according to our latest survey, the bar is set high: among our 2,000 UK respondents, nearly nine in ten (88%) claim they would abandon a purchase if faced with friction when paying.

Consumers expect fast and frictionless online payments

Speed and convenience are among the chief expectations of our survey respondents, with more than three quarters (77%) of consumers now expecting payments to be instantaneous (i.e. money paid and received immediately). They’re also calling for simple and straightforward user experiences: over half (58%) expect online payments to be completed with one click.

While their expectations are high, more than three-quarters (76%) of consumers are pleased with having more choices in how to pay. Nevertheless, the fact that such a large majority (88%) claim they would abandon a purchase if faced with friction when paying suggests their expectations aren’t currently being met. These results highlight the importance of continually optimising the payment user experience.

Expectations highest among young people

According to survey results, 18-34 year olds in the UK are both the most expectant and the least patient when it comes to payment journeys. Nearly two in three (63%) expect to pay with one click, and the same number also expect to be able to pay for everything on their mobile phones. And to match their high expectations, their patience is also thin: over a third (37%) of 18-34 year olds think there are too many hoops to jump through and too many details to enter when it comes to making payments online.

The young respondents are also the fastest to adopt new payment technologies: More than one in ten (12%) of those aged between 18-34 are already using open banking powered payment technologies, also called ‘pay by bank’ transfers, to pay for utilities. 

Privacy and security rank high among consumer worries

Apart from poor user experience, issues of security and privacy are still high on consumers’ agenda. According to our survey, the top concerns consumers have when making a payment are:

  1. Worry that the payment method is not secure

  2. Having to share personal details with a third party

  3. Being redirected to another site to make the payment

  4. Having to confirm identity on a separate device  

The consumer concerns illustrate that good user experiences and security go hand in hand, as users want safe and secure payment journeys – but without too many legs, as it were.

The future of payments is open

From our research, it’s clear that while increased payment choice and innovation is appreciated by consumers, user experiences still don’t live up to their expectations. The many steps to completing a payment, coupled with confusion regarding security, often give rise to friction and frustration. Tom Pope, Head of Payments and Platforms at Tink, believes the answer lies in open banking:

Consumers want to know that payments are secure and reliable, but increasingly expect them to be embedded in a user journey to the extent that they almost become invisible. This is where open banking comes in.’ 

‘Open banking payment methods, often called ‘pay by bank’ transfers, can significantly reduce friction, improve reliability and enhance security.As consumers embrace new payment methods and experiences become even more seamless, businesses who fail to adopt the latest payment technology may find they fall short of their customers’ expectations.’

Want to know how Tink can power your payments to help meet consumer expectations? Get in touch: partnerships@tink.com

UK consumers expect fast and frictionless payment journeys_infographic

About the research:

Online research was conducted by Opinium on behalf of Tink between 4-8 February 2022, amongst 2,000 nationally representative UK adults.

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