Shoppers cite PayTech concerns, Paysafe

59% of UK consumers feel that checkout-free stores like Amazon Go are too risky, according to Paysafe research.

The company surveyed 5,056 consumers from the US, UK, Canada, Germany and Austria. Other findings include: 52% of Brits cite fraud as the biggest barrier to using ‘frictionless’ payments and 43% express concerns around the use of their data; Two-thirds think voice-activated systems are not secure, with 69% worrying about being overcharged if they used this type of service. Yet biometric payments are continuing to grow – 22% have tested a voice-activated paymentssystem and 49% of British smartwatch owners have made a payment on their device.

39% of the UK public would let fridges automatically re-order food, but 43% don’t expect to adopt the technology in the next two to three years. Cash, meanwhile, continues to thrive as the most common form of payment. 88% of consumers used it in the past month to make a purchase. And ATM visits were up – 89% had visited one in the last month compared to 84% in 2017. Yet, as contactless has expanded, 62% of Brits carry less notes and coins than a year ago, falling from an average of £33 last year to £21 in 2018.

Oscar Nieboer, Chief Marketing Officer, Paysafe Group, says: “Despite the apparent benefits of low-friction payment technologies, these findings suggest many consumers aren’t ready to lose visibility of the payment process. It’s clear that the benefits are not unilaterally agreed upon, with cultural and infrastructure trends at play, and it may be some time before adoption is widespread. In the meantime, there’s a need to continue serving the cash consumer, as well as providing options for contactless payments as the UK is so advanced in this area of payments compared to other countries.”

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