The last five years has seen an explosion of new ways to pay for goods, including via our phones or through voice recognition. Our research found that, although cash and debit cards are the most utilised methods for payment, Brits are hugely adept at choosing the method that works best for the task at hand. For example, choosing credit cards when insurance guarantees are provided or PayPal to speed up online transactions.
There is an opportunity for new payment methods to enter the market, particularly where an individual becomes the payment method or where security is increased through use – think fingerprints or biometrics. However, it is imperative that all methods are secure and frictionless – any sense of friction or security issues will undermine new methods.
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