Research released by emerchantpay revealed that security and privacy are the two key concerns for customers when paying online.
In a recent survey, 60% of respondents said that security is a concerning factor when making a transaction online, whilst 41% believe that privacy is of the utmost importance, with speed (38%) and efficiency (34%) following behind.
Harkening back to a previous emerchantpay report, almost a fifth of respondents (19%) stated that they would use Open Banking if offered at the checkout.
The payment company believes that Open Banking has the ability to alleviate the aforementioned concerns and states that its ability to securely accelerate transactions is a cause for more adoption from merchants.
Jon Horddal, Chief Product Officer at emerchantpay, said: “The factors most important to consumers when choosing a payment method are all offered by Open Banking, so it’s of no surprise that Open Banking is steadily gaining popularity
“To maintain customer loyalty and reduce the risk of checkout abandonment, merchants must keep up with consumer demand when it comes to payments. These findings underscore the importance of integrating Open Banking as a method that goes beyond others to provide the highest level of security, data privacy, speed and efficiency.”
The previous emerchantpay report found an interesting revelation that more than half (51%) of UK consumers are unknowingly using Open Banking payments during checkout and are unfamiliar with it.
This highlights a need, however, for more to be done to educate the public; previous data revealed that although 51% of the British public had not heard of Open Banking, after being given an explanation, 58% agreed that they had in fact used the method at online checkouts.
The survey of 2,000 UK consumers was conducted by emerchantpay to gain deeper insights into the factors influencing consumers’ payment decisions.
Horddal continued: “To unlock the greatest benefit from Open Banking Payments, however, merchants must help educate consumers about the advantages it offers, to encourage uptake.
“Despite 66% of consumers indicating they’ve never received communication from their banks regarding Open Banking, a staggering 88% expressed that transparency remains a critical factor in trusting banks and third-party providers.
“This highlights the need for educational efforts, which could be as simple as providing a brief, written explanation at the checkout.”