According to recent research by Access Paysuite, payment options continue to significantly influence consumer purchasing decisions in the UK. A substantial portion of consumers have abandoned purchases due to a lack of their preferred payment method.

Prevalence of Payment Abandonment

Nearly half of the surveyed UK consumers reported skipping a purchase when their favored payment option was not available, with younger generations demonstrating particularly strong avoidance behavior. Gen Z members and Millennials faced this issue most frequently, with 65% and 61%, respectively, leaving transactions incomplete because their preferred method wasn’t accessible.

Generational Differences in Payment Preferences

Digital wallets have become the leading payment tool among Gen Z respondents, being used by 45% of them for everyday expenses. In contrast, older consumers still largely favor debit cards: Baby Boomers (66%), Gen X (64%), and Millennials (51%) each rely heavily on this traditional form of payment.

The research highlights a clear trend toward digital payments among younger demographics, driven by the desire for convenience, speed, and seamless integration with online and mobile platforms. While card payments remain prevalent—accounting for more than half of UK retail transactions—they are being overtaken by mobile-initiated payments at a faster pace.

Emphasis on Payment Choice

Around 90% of participants deemed it crucial that businesses offer their preferred payment method, underscoring the importance of maintaining a diverse range of options to cater to different customer expectations and behaviors. This need is anticipated to grow as more consumers embrace digital wallets and other innovative payment solutions.