Tag: Pay.UK

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Pay.UK publishes report on impact of COVID-19 on current account switching behaviours

On 6 January 2021, Pay.UK published a report on how COVID-19 has affected current account switching attitudes and behaviours for in the United Kingdom.

The report says:

– current account switching in 2020 was 30% lower than previous years;

– consumer attitudes towards current account switching and the Current Account Switch Service “remain positive and largely unchanged“;

– the availability of switching rewards and differentiation in prices fell whilst consumer vulnerability increased “significantly“;

– attitudinal factors have “seen less change“;

– gig economy works have been disproportionately impacted by COVID-19;

– young people (ie aged 18 to 34) have also been disproportionately impacted relative to older age groups;

– priorities have changed for small and medium enterprises (for example, they place less importance on branch access); and

– identifying and targeting support, interventions and remedies at the most affected groups is “a sensible strategy“.

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Pay.uk publishes summary paper on consumer protections in payments

On 5 November 2020, Pay.uk published a summary paper on consumer protections in payments.

The summary paper provides an overview of the work Pay.uk has undertaken to explore the consumer protection landscape in the UK for various types of payment transactions. The research highlights:

– There are several viable payment mechanisms available as options to consumers (all of them offering varying levels of payment protection);

– Open Banking and PSD2 mean that there will be a lot more activity in the market, in terms of new payment methods and PISPs, which will accelerate the use of FPS for the purchase of goods and services; and

– Payment protections in the UK do not exist in isolation. They are viewed by consumers together with and/or as supplemental to legal, personal and retailer protections.