Check this out: 52% of shoppers want to keep the checkout and not move to invisible payments
Half of Canadians resist move to ‘frictionless’ payments due to privacy and security fears; cash continues to thrive
Paysafe launches new global research into consumer payment trends.
MONTREAL, June 06, 2018 (GLOBE NEWSWIRE) — The shift towards ‘frictionless’ payments – i.e. invisible transactions that take place ‘behind the scenes’ in apps – is being held back by Canadians’ concerns over security and data privacy, according to new research conducted by Paysafe. The report from the leading global payments provider uncovers some unexpected findings. For these ‘invisible’ payments, figures show:
53 percent of Canadians cite fraud as the biggest barrier to using them. 49 percent express concerns around the use of their data;
Two thirds of consumers (65 percent) think voice-activated systems are not secure. 68 percent worry about being overcharged if they used this type of service; and
56 percent report that checkout-free stores – where smart technologies record the shopping basket and automate payments – sound too risky, or they’d need to know more before using them.
Meanwhile, other emerging payment methods are polarizing consumer opinion – 28 percent of Canadians would let fridges automatically re-order food, but 55 percent don’t expect to adopt the technology in the next two to three years.
The report, called Lost in Transaction: Payment Trends 2018, is an international research study investigating consumer attitudes to new and traditional payment methods. The research incorporates consumer views from Canada, US, UK, Germany and Austria, and draws comparisons with Paysafe’s inaugural Lost in Transaction report in 2017.
Perhaps surprisingly, cash continues to thrive as the most common form of payment: 83 percent of Canadians used it in the past month to make a purchase. ATM visits were up too – 77 percent had visited one in the last month, compared to 74 percent in 2017. Yet 56 percent of Canadians say they carry less cash than a year ago, though the difference is small, with the average being just $2 less at $43 in 2018, down from $45 in 2017.
June 06, 2018 07:00 ET
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