New PIF Research uncovers the UK’s payment habits
Digital payments on the rise but cash retains its relevance
London, 1 February 2024 - The Payments Innovation Forum (PIF), the not-for-profit association promoting safe, sustainable innovation in payments, has today launched its latest research report.
“Unlocking the Future of Payments: UK Consumer Insights” examines the intricate web of payment preferences and attitudes in the UK. The payments industry body’s latest study explores the diversity of payment methods, investigates how age and income levels shape these preferences, examines the scenarios where specific payment methods dominate, and delves into the driving forces behind these choices.
Based on a survey of a representative sample of UK adults aged 18 and over, the research findings reveal a mosaic of habits encompassing both traditional and innovative payment methods. PIF’s investigation finds compelling themes, including a belief in the inexorable march to a cashless society intertwined with the enduring strength of cash, the pivotal roles of age and income in shaping behaviours towards the adoption of new and alternative payments, and lingering concerns about data security.
Diane Brocklebank, Executive Director with PIF said: “At the heart of our investigation is an in-depth analysis of the payment methods people in the UK use for everyday transactions. Our ultimate goal with PIF’s latest report is to explore how best to pave the way for a seamless transition to a cashless society, bringing all sections of society along for the journey.”
The report concludes with actionable recommendations for the payments industry, such as how the sector can help smaller, local businesses to embrace digital payments, and what industry can do to ensure older age groups, as well as those with specific needs, are not left behind.
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About the Payments Innovation Forum
The Payments Innovation Forum (PIF) is a not-for-profit trade association promoting safe, sustainable innovation in payments that balances the interests of industry, regulators and consumers. Recognised as a leading industry advocate, our members are spearheading the development of innovative payment solutions for consumers, businesses and public sector organisations. With over 16 years’ industry experience, we offer our members a safe space to learn, connect and grow.
To learn more, visit www.paymentsinnovationforum.org