Out-of-date retailers must hit PayTech refresh button, Barclaycard

72% of retailers haven’t introduced any new payment technology to their websites over the last two years, according to Barclaycard research.

This surveyed over 2,000 consumers and 314 senior managers in retail. 22% of the former would like to see more retailers incorporate faster payments technology into their websites to speed up the checkout process. An out-of-date payment offering could lead to abandoned sales, costing retailers £18 billion per year as consumers ditch online baskets worth almost £30 a month. 

15% of shoppers have chosen to abort an online purchase because they couldn’t pay using methods such as ‘one-click’ ordering, while 16% highlight long checkout processes as their biggest frustration. Of the retailers who have introduced new payment technology to their website, 96% say this has enhanced the customer experience, and 64% claim payment processing is now faster.

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