Today’s launch of the UK Payment Council’s report on payment trends further cements the online channel’s place on the leader board when it comes to the future of payment transactions.
The report states that two-thirds of UK consumers now shop online, while traditional forms of payment such as cheque and cash are declining, albeit at different speeds. The prominence of online is clear, however less so are the actions being taken by banks to secure this channel.
As friends increasingly use online banking as opposed to cash to make payments between themselves and with 22 million adults now banking online, no financial institution can afford to be complacent. The figures speak for themselves; clearly there is no better time to ensure online security is top of the agenda.
All banks should ensure that two-factor authentication is provided for customers who bank online and also consider rolling out this technology for online shopping in the near future. As the use of the online channel grows, banks need to continue to foster consumer confidence in the channel if it is to maintain its impressive rise up the transaction table.