LONDON – 30 September 2013 - The payments market is in flux, with many consumers overwhelmed by the range of methods on offer from a range of brands from banks, retailers, manufacturers and telecoms. The brands that succeed in this market will be those that offer the right combination of benefits to suit the individual consumer purchase. It's a complex and fast-moving market, and TNS has carried out a major research and analysis project - in consultation with the payments industry - to help brands develop their consumer offering.
The research, among 1702 UK consumers:
- Reveals the frequency of use of each payment method, its share of consumer spending and the share that different payment methods have for different types of purchase
- Identifies the trade-offs consumers face in different payment occasions which methods are seen as the best fit in different circumstance
- Sets out the core benefits for each payment method
- Highlights consumers' ideal payment method for the whole range of payment decisions that they face
- Discovers a significant area of unmet consumer need, covering a quarter of all consumer spending
- Analyses consumer types according to their payment preferences
"All consumer segments share common core needs when it comes to their payment choices - simple, dependable and secure," said Phil Sutcliffe, Board Director of TNS UK.
"It is the needs they have beyond this that determine how invested they will become in a new payment type. The choice financial institutions and technology enablers need to make is how to 'personalise' their offers enough to include the majority, without compromising on simplicity or security."
The new TNS research offers the payments industry a framework on which companies can build winning strategies for engaging consumers with the payment methods that suit them best.
TNS is the world's largest custom research company - we have more conversations with consumers than anyone else. Our service to clients is entirely focused on generating insights that lead on to actions that they can take to drive the growth of their business. TNS has a deep understanding of the financial sector, with expertise in more than 50 countries. So each year, we conduct more financial sector research than anyone else, across the private and public sector.
For more information please contact: Laura Chatterton.