As customer expectations continue to evolve, businesses across the UK are moving swiftly to enhance and accelerate their payment systems. Whether on the high street, online, or in the service sector, seamless, fast and secure payments have become critical not only for satisfying consumers but for driving long-term growth.
A growing body of research supports what many UK business leaders already know: payment technology is no longer just a back-end utility. It has become a strategic differentiator in an increasingly competitive environment.
Payment Technology Now Seen as a Growth Driver
According to a recent survey by global payments platform PXP, conducted in collaboration with Censuswide, 64% of UK and US merchants now view payment technology as a core driver of business growth, rather than just an operational necessity. The survey polled 250 payment decision-makers from retail and commercial sectors across both markets, and the results are clear: the role of payment systems has fundamentally changed.
From enabling smoother customer experiences to providing valuable insights through data and analytics, payment platforms now support both front-end engagement and back-end efficiency. Businesses are not just processing transactions—they are using payments to increase conversion, reduce friction, and build customer loyalty.
Consumers Demand Speed and Simplicity
Modern customers expect transactions to be quick, intuitive and reliable. Many are now accustomed to tap-and-go contactless payments, one-click online checkouts, and instant mobile transfers. As a result, patience for slow or clunky payment systems has waned.
Industry data suggests that a significant portion of shoppers abandon purchases if the payment process is too slow or complex. This has made efficient, user-friendly systems essential—not only in e-commerce, but also in fast-paced industries like online casinos, food delivery services, ride-hailing apps, and event ticketing platforms. Online casinos, in particular, have started to excel in offering quick transactions, with the quickest payout online casino sites paying out winnings to casino players quickly and efficiently with no delays. Similarly, ride-hailing apps have also adopted quick payment methods. This is necessary, as customers and drivers don’t want to have to wait for a transaction to process. Instead, they want to be able to quickly and efficiently pay and get where they are going.
Real-Time Payments and Open Banking Drive Back-End Efficiency
Beyond improving customer-facing experiences, advanced payment technologies are also reshaping back-end operations. The UK’s Faster Payments service, which enables near-instant bank transfers, is increasingly popular among both consumers and B2B merchants. It supports improved cash flow, faster settlements, and real-time financial visibility.
Innovations such as Open Banking are also gaining traction. By allowing secure, direct-to-bank payments via APIs, Open Banking can reduce reliance on costly card networks while offering better transparency and data integration.
The PXP report highlights how these capabilities are influencing strategic planning across all levels of commerce, from retail to services to logistics. Payment technology is now tied directly to revenue growth, customer retention, and operational performance.
Online Retail Adopts Instant and Frictionless Checkouts
In e-commerce, the focus is on removing barriers at the point of payment. Businesses are increasingly investing in one-click checkout solutions and digital wallets that reduce the need for manual input. Systems like PayPal One Touch and Shop Pay allow returning customers to complete purchases with just a tap, dramatically reducing abandonment rates.
At the same time, payment platforms are being enhanced with AI tools for fraud detection and real-time personalisation. These solutions combine convenience with security, both essential in retaining customer trust.
Security Still a Top Priority
While speed is essential, it must be matched by robust security. UK businesses are under pressure to meet regulatory standards like PCI DSS and Strong Customer Authentication (SCA), while also reassuring customers that their data is protected.
Modern payment platforms now include features such as biometric verification, tokenisation, and AI-based fraud monitoring to ensure compliance and prevent breaches. PXP’s survey highlights that merchants are prioritising both speed and trust as part of a single, strategic investment.