05 JUNE 2020: Latest research from global, data-driven insights provider RFi Group shows COVID-19 is causing a huge shift in the way UK businesses make and receive payments, plus many more emerging trends.

Key Points

  • 8 in 10 UK businesses have changed the way they make and receive payments - as a direct result of COVID-19
  • 1 in 5 large businesses plan to take out a new card product to support cashflow
  • Although 1 in 5 UK business owners are currently using their personal card (over a business card) to make international payments, 1 in 3 large businesses intend to shift spend away from personal cards to business cards, to reduce liability
  • Trust in the card schemes to protect the business’ data has risen substantially and for the first time ever, has overtaken the banks as ‘No.1’ for Trust
  • Although awareness of fintech providers has increased over the last 3 months (9 in 10 businesses aware of a fintech operating in the UK), over last 6 months actual usage has remained static

In June 2020, RFi Group released its latest global data showing that COVID-19 is causing a direct shift in UK small business payment behaviours with latest research revealing that 8 out of 10 UK businesses have changed the way they make and receive payments as a result of the pandemic.

Global financial insights from RFi’s ‘New Normal’ study, are based on interviews with 36,000 consumers, 18,000 businesses and 4,000 merchants in April/ May 2020 and across 18 key markets. The research tackles issues such as the impact of C-19 on customers’ financial behaviours and what customers are looking for from their banks and payment providers. ​

RFi Group Managing Director for EMEA, Victoria Bateman said “With 80% of UK businesses having changed the way they make and receive payments, as well as Trust in card schemes at an all-time high, the COVID-19 pandemic is highlighting significant opportunities for UK issuers.”

She continued “Due to current global issues, UK businesses – particularly the SMEs – are clearly feeling the pinch. Our latest data reveals that there has never been a more important time for financial professionals in the business banking industry as well as the international card schemes to know where their customers stand, what they need and the pressures they are facing.”

Victoria Bateman is available for immediate comment.

For Media Interviews please contact:

Chloe James
Group Director of Media & Communications
RFi Group
cjames@rfigroup.com
+1 437 221 4905

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RFi Group is a global data-driven insights provider exclusively focused on financial services. We specialise in data and information gathering, customer-based insight generation and business decision support for the world’s leading financial service providers, as well as challengers, disruptive market participants and companies aligned to the FS sector.

We combine global intelligence and local knowledge to provide insightful, valuable and actionable recommendations, with a core focus on the provision of exceptional client service.

​Covering 48 key global markets, with regional offices in Toronto, London, Singapore and Sydney RFi Group consistently provides clients with tailored advice and insights relevant to their specific market and business needs.