Modularbank research highlights consumer attitudes towards PayTech

83% of UK consumers say that payments tech forms an important part of their decision in choosing which retailers to shop with. 

That’s according to research by FinTech venture Modularbank and market research specialists, OnePoll.

This involved 2,000 Brits, with only 22% of them claiming to not require anything further from online merchants when it comes to the payment process. 34% wanted more payment flexibility, 45% increased security and 45% a simpler checkout process.

Vilve Vene, Co-founder and CEO, Modularbank, comments: “It is clear that good technology is really key when it comes to attracting and retaining a customer base - nowadays every company should, to some extent, act as a FinTech company.”

“With 37% of UK consumers having abandoned a planned purchase due to lack of payment flexibility, 42% admitting they would abandon a high cost transaction if their preferred method of payment wasn’t available, and 23% if they were not able to pay flexibly (i.e. in instalments), our platforms which allow for any business to offer seamless and tailored financial services is one that merchants and service providers can scarcely afford to pass up.”

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