Security over convenience when paying online
Consumers in Europe think security is more important than convenience when it comes to paying online. But in the UK, the difference is quite small. Over half of Brits chose security, while 43 percent selected convenience.
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This is one of the conclusions from the report ‘Security vs convenience in the payment experience’ [pdf], a study by GoCardless among 4,000 customers across the United Kingdom, France, Germany and Spain about their opinion on security and convenience when shopping online.
Better security means less convenience and vice versa
“While the two factors are independent of one another, in reality, there is often a tradeoff where heightened security means reduced convenience and vice versa”, GoCardless explains. So, if consumers got the option to choose between these two, which one do they think is more important: security of convenience?
Small share in UK chooses security
In all four countries surveyed, security is deemed more important than convenience. But in the United Kingdom, the difference is small, with just 55 percent choosing security. For example in France, over 62 percent of consumers value security over convenience (33 percent) when shopping online.
Extra security steps lead to suspicion
Although in the UK there’s a slight preference for security while paying online, it’s only 40 percent that says they would feel more secure with more complex security procedures. In Germany, 45 percent of respondents share this feeling. Many UK consumers even said extra security steps would make them feel suspicious, a feeling shared most by French (46 percent) and Spanish (41 percent) respondents.
Half of Germans leave shop due to complex payment
Consumers in the UK, France, Germany and Spain also got some questions about previous shopping habits. In Germany, almost half of respondents (48 percent) had abandoned a purchase due to a complex payment process. In the UK it’s 44 percent, while in Spain 40 percent had abandoned a shopping cart because of this. And only a third of French shoppers have done so.