UK businesses seek cheaper, more secure payment options due to dissatisfaction with high fees.

From Yahoo Finance: 2025-06-25 08:21:00

A recent report by Yapily reveals UK businesses are seeking more cost-effective and secure payment methods, citing dissatisfaction with high transaction fees and the chargeback model. The study, involving over 2,000 consumers and 250 merchants, shows a demand for alternatives to traditional card payments, with 98% of businesses valuing lower transaction fees.

Merchants also express concerns over fraud risks and data breaches, with 77% worried about transaction fees. Consumer priorities include security and convenience, especially for low-value purchases. While 58% would try new payment methods with lower fraud risk, cards remain popular due to familiarity. Yapily recommends aligning the ecosystem on open banking’s value propositions, developing a consumer protection model, and introducing an open banking trustmark.

Yapily’s founder highlights the potential of open banking to enhance payment experiences, while the VP emphasizes the need for lower costs and better security. The company, a leading open banking infrastructure platform in Europe, aims to drive behavioral change among consumers and encourage adoption of open banking payments.

Read more: UK merchants seek alternatives to costly payments: Yapily report