Over a quarter of UK consumers open to AI-powered payments – UKTN

According to a nationwide survey by financial technology SumUp, 29% of UK consumers would trust AI to make small, automated payments on their behalf.

The report asked 1,500 consumers across all regions about their payment preferences, their concerns about different payment methods and whether they would embrace AI for automated payments.

Among the 29% of consumers, 11% said they would be comfortable allowing AI to handle all types of payments while 12% would trust it to manage recurring expenses such as bills and subscriptions.

Additionally, 7% said they would be happy for AI to take care of everyday purchases such as groceries, transport, and coffee.

Among those respondents who expressed a lack of trust with AI making payments on their behalf, a third (33%) said they would prefer to review transactions before they are processed, while 38% expressed distrust over AI making financial decisions on their behalf.

The survey revealed that 18% of consumers find mobile payment options, such as Apple Pay and Google Pay to be the most convenient choice, reflecting the growing adoption of digital wallets.

Only 11% of people still favour paying in cash according to report, due to a desire to avoid digital payment fees or charges (12%), lack of access to digital payment methods (12%), and concerns over the security of digital transactions, of which 8% of consumers expressed a mistrust.

Corin Camenisch, marketing and growth lead at SumUp, said: “Looking ahead, we can anticipate a rise in innovative payment methods like digital wallets, especially as younger consumers increasingly embrace the convenience and flexibility they offer.”

Emerging payment methods were listed as a preference to a small number of participants, including Buy Now, Pay Later services (4%), cryptocurrency and wearable technology (1%).

This follows a the government’s announcement of an additional £2bn investment in the UK’s AI infrastructure in the Spending Review.