Poor payment processes prove perilous, Vyne reveals

Hidden charges, slow speeds, website failures and lack of security are causing 40% of shoppers to abandon their baskets when online shopping, according to a report from payments platform Vyne.

The report explored online payment preferences of 2,002 UK consumers following a 43% rise in e-commerce sales since the onset of the pandemic.

Not only are consumers dissatisfied with the payment experience when online shopping, but also the refund process. Over two in five (43%) respondents who have requested a refund for an online purchase said they had to chase for a refund, leaving them feeling frustrated and angry at the retailer.

UK consumers also indicated a willingness to try new methods of payment. 66% of respondents said they are open to trying out new ways to pay online, with 70% saying that their ideal payment method would offer instant refunds and no ‘pending’ payments. The research also indicated a desire for more transparency with the payments process, in which consumers can instantly see their updated bank balance after making a purchase or requesting a refund.

Karl MacGregor, CEO and co-founder of Vyne, said, “Online shopping has reached unprecedented levels of popularity, but the payment options at checkout have remained stagnant and stacked against the consumer.

“Our research has indicated that a poor payments experience could limit growth for many online retailers, with consumers being unafraid to abandon their baskets and shop elsewhere if their expectations for clear, simple payments are not met. Despite the FinTech industry transforming payments processes in recent years, retailers are not keeping pace by adopting these next-generation technologies.”

Copyright © 2021 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.