Decrease in online credit card payments
June 15, 2009 by admin
Filed under News, News-Credit-Cards
Recent figures have shown that there has been a decline in the level of online credit card payments, with officials from the Nationwide Building Society claiming that use of credit cards when making online transactions has been falling and demand for an alternative method of payment from consumers has been increasing.
The study was carried out recently on behalf of Prepaid Services Company, and showed the level of decline when it came to credit card use when making transactions online.
The results of the survey showed that this year around 28 percent of consumers were using their credit cards less when making purchases online, and in some of these cases consumers had stopped using their credit cards altogether when making purchases online.
More than a third of the consumers that took part in the study said that if it was as easy as using it at bricks and mortar shops they would prefer to use cash when making transactions over the Internet.
One official from the Prepaid Services Company said that one of the reasons behind the decline in credit card usage online was the economic situation in the UK. He said: “If people are wary about using cards online for whatever reason, be it safety from fraud or simply because they want to monitor their online spending, they should have other options.”
The survey was carried out on five hundred people, and the results also showed that it was women who seemed to have cut back on their online credit card usage more than men, with around 31 percent of women either cutting back on online credit card spending compared to 24 percent of men.
