British consumers care far more about online payment security than speed, simplicity and convenience, according to research from Equifax, the consumer and business insights expert.
Two thirds (66%) of people rate safe and secure payments as most important in the online checkout process, with only one in ten being most concerned about speed or simplicity. Security ranked highest across all age groups, and was a particular concern for over 55s (75%) compared to just over half of 18-24 and 25-34 year olds (52% and 53% respectively).
The survey, conducted online with YouGov, also revealed a further 76% of Brits would be willing to accept a slower or less convenient checkout experience in return for greater payment security. Meanwhile, almost half (45%) said security concerns about online payment processes were the reason most likely to put them off using a particular online retailer, more so than having to create an account (14%), a confusing process (8%), or too many steps during checkout (6%).
Keith McGill, head of ID and fraud at Equifax, said: “With more than 20% of retail revenues coming from online sales*, it’s positive to see so many consumers have security front of mind when they’re at the online checkout. The latest stats from Cifas do however show an increase in identity fraud** so it’s important shoppers remain vigilant. If you have any doubts about the professionalism of a website you should always think very carefully before entering your personal or payment details.
“New European wide regulations are on the horizon which will require two stage verification for any online purchase for more than 30 euros, similar to the security checks used for online banking. While this might feel like an extra hoop to jump through, it’s an important step forward in the ongoing battle to fight fraud.”