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Simplicity decides how consumers want to pay

A new survey from Fidesmo shows how Swedes prefer to pay when shopping. Despite the growing concern about personal security, many consumers still choose payment methods based on simplicity rather than security. At the same time, the survey shows that many people still have little knowledge of new payment methods - cards and invoices are still their most convenient options.

Simplicity decides how consumers want to pay

The Swedish fintech player Fidesmo has, together with the research company Origo, mapped out how consumers prefer to pay. Despite an increased reporting of fraud over the past year, the survey results show that safety and security are surprisingly not prioritized by Swedish consumers. At least, it is not the factor that determines their choice of payment method in-store. Instead, a smooth, easy, and quick check-out experience is most prioritized.

In times like this, it is remarkable that safety and security does not come higher up on the swedes' agenda when shopping. Name, social security number, address, and account details do not seem to be of any major issue for people to share in-store, says Fidesmo CEO Mattias Eld.

The survey, which asked over 1,000 consumers in Sweden and Germany about their shopping preferences both online and in-store, clearly shows that consumers prioritize simplicity. It is even more important in-store to have an easy, fast, and smooth check-out before making sure it is safe and secure. In addition, the survey shows that over 50% of Swedish consumers feel safe sharing their contact information, such as phone number and email, both in-store and online.

Debit cards and invoices are still the most convenient alternatives

The results also show that half of the Swedish consumers surveyed prefer to pay with cards in-store over other payment methods. In Sweden, 44% of consumers choose to pay with a debit card and 15% choose a credit card, 11% still choose cash over other options.

Despite the fact that 83% of Swedish consumers choose card payments over other payment options in stores, only 52% perceive the bank card as safe and secure. The payment method that is perceived to be the safest and most secure in stores is smart accessories (67%), but despite this, many Swedish consumers still seem to stick to the traditional payment card when shopping in stores.

There are both safer and simpler payment methods available today. Smart accessories are one of the safest ways to pay because of its unique tokens – card numbers with associated security keys – that are created for each accessory. These tokens can also only be used in-store. With a payment card, you use the same card number every time, both in-store and online, which makes it more insecure, says Mattias Eld, CEO of Fidesmo.

When it comes to online payments, most consumers in Sweden prefer to pay with Swish (20%) or invoice (19%). Invoice is also the payment method that is perceived to be the safest and most secure to pay online, while direct transactions (Swish) is the payment method Swedish consumers consider the easiest.

Low awareness of new payment methods

In recent years, contactless payments via smart accessories, such as a ring or a watch, have grown. Despite the trend, the survey shows that many consumers still have little knowledge of smart accessories.

While 88% are aware of Swish, only 29% respond that they are aware of smart accessories. At the same time, the younger generations are better informed, 29% of Swedish consumers aged 18-29 know about smart accessories, which is more than German consumers of the same age (22%). Consumers over 55 have the least knowledge of smart accessories.

Swedish consumers prefer to opt out of cash but are poorly informed of other alternatives available. Even if smart accessories have been on the market since 2015, it is obvious that many consumers still don't understand the benefits. The next big trend we will see will be consumers daring to replace their payment cards, says Mattias Eld.

Older age groups like the simplicity of smart wearables 

Although the survey conducted by Origo shows that consumers over 55 have little knowledge of smart accessories, user data from Fidesmo shows otherwise. If you look at the growth of Fidesmo Pay, this group is driving the usage as much as other consumers.

We see a growing interest from older consumers. This indicates that they prefer an easier and cleaner payment experience than others can offer. And payment rings are simplicity itself, so we are not surprised it suits all ages, comments Mattias.

The connected rings account for the majority of all transactions on the Fidesmo platform. It is a marked growth driven by all age groups. According to Fidesmo, the growth trend will continue as more and more consumers discover the benefits of connected accessories and dare to test them in-store.

About the survey: 


Om Fidesmo 

Fidesmo möjliggör framtidens betalsätt och kontaktlösa tjänster genom NFC-teknik. Sedan 2019 har Fidesmo kopplat ihop traditionella banker och aktörer med moderna accessoarer för att påskynda användningen av uppkopplade wearables. Visionen är att kunna erbjuda varje konsument möjligheten att blippa, betala och identifiera sig på det sätt som passar dem bäst. Idag finns Fidesmo tillgängligt på mer än 30 marknader och via fler än 20 olika aktörer såsom VISA, Mastercard och Curve. 

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Johan Sandelin EkelundVP Strategy and Growth+46 (0)


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