SMEs are missing out by not using new payment technology

Research conducted by Opinium on behalf of Barclaycard, has found that small and medium sized businesses are missing out on £1.6bn by not adopting new payments technology.

Almost half (46%) of millennial shoppers are opting to pay using a ‘next generation’ payment solution such as online ‘invisible’ payments, where card and shipping details are saved before the transaction, and ‘conservational’ payments, using digital personal assistants such as Amazon’s Alexa to make a purchase.

Overall 15% of shoppers, and 29% of millennials, have abandoned a purchase because they could not pay using these ‘next generation’ methods.

From a small retailer perspective, two thirds (65%) of small retailers admitted that they have lost customers due to a lack of modern technology payments options, such as contactless, online, mobile and wearable devices. 

Read more about the research here