Modern Payment Methods: Online Transactions Preferable

Published on 1 January 1970 by Raffick Marday

Brits become nervous if they carry around more than £200 of cash in their pockets, new research reveals.

The figures were revealed after a campaign was launched by Pay YOUR way to help people benefit from modern payment methods.

People feel comfortable transferring over twice as much online than they do carrying large amounts of cash around – these so called ‘payment nerves’ only set in online when the transaction exceeds £480.

The research also reveals men are more confident when it comes to spending money than women when using cash and online sources.

Men feel relaxed keeping an additional £65 in their wallets compared to women, stating £250 is their nervous tipping point, while for women, these feelings of anxiety start around £180.

Men also feel comfortable transferring money online until the value exceeds £600; while women remain cautious stating £418 would be the tipping point for them.

“We know online shopping and banking is now the norm for many – our research has shown that more than a third of people prefer to shop online than in person,” said Sandra Quinn, from the Pay Your Way campaign.

“It’s common to feel nervous when the true extent of your spending is revealed – whether that’s checking your bank account online (as some people do daily), opening a statement, or simply seeing the total flash up when you’re at the till.”

Almost two thirds of people say carrying a large amount of cash makes them nervous, while 55 percent state withdrawing a large sum of money from a cash machine is what worries them. A further 40 percent say their nerves kick in when they have a large amount of money at home.

Prepaid cards are a good way to carry money on you without having to carry cash, they work in a similar way to a debit and credit card, however the user is required to load the card with cash and there is no overdraft facility.

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