American Express: Enhanced security is ‘incentive’ to use Open Banking payments

Source: Firstlight Group

UK shoppers are putting security first when buying online – with new research conducted by Pay with Bank Transfer, powered by American Express, finding that over three quarters (76%) of consumers have security front of mind for every purchase they make. 

American Express surveyed 2,000 consumers and found that they are open to using new payment methods when they feel their personal information is protected. Almost half (49%) of consumers say enhanced security would be the strongest incentive to use Open Banking payments.

For consumers, the Open Banking payment process is fast and seamless, completed in just a few clicks – yet they are protected by bank level security, with the opportunity to view their balance before payment is completed.

As uptake increases, Open Banking payments are becoming a primary choice for purchases where reassurance and simplicity matter, such as bill payments, subscriptions or big ticket items. In fact, the consumer research revealed Open Banking payments are a more widely used option than manual bank transfers for household bills and expenses (27% vs 15%) and they are making inroads in subscriptions in comparison to manual bank transfers (16% vs 8%).

Holly Coventry of American Express

As well as prioritising security, shoppers are also seeking frictionless experiences, with two fifths (40%) saying ease and speed of payment is important regardless of what they’re buying, rising to 52% for smaller everyday purchases.

A separate Amex survey of 500 businesses showed firms recognise the need to reassure customers about payment security and provide a smooth checkout experience. When asked about plans to improve their payment experience in the next 12 months, adding Open Banking payments was outlined in their top three priorities.

Holly Coventry, vice president, Open Banking at American Express, said: “Consumers are seeking security and simplicity when buying online, and Open Banking payments help deliver both: offering bank-level protection with a fast, familiar authorisation process, completed in just three clicks.

“Solutions like Pay with Bank Transfer directly address consumer demands – offering a winning blend of speed and security. Merchants also benefit from lower fees, instant settlement and simple integration which all help to bolster their payment stack and drive growth.”

Further reading: Majority of UK businesses intend to improve payments processes in 2025