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FICO’s latest research highlights the need for financial institutions to effectively communicate security measures for wider adoption of RTP
LONDON, March 27, 2025--(BUSINESS WIRE)--An international survey on the uptake, trust, and future of real-time payments (RTP) from global analytics software leader FICO highlights the need for UK banks to focus on building confidence in the security of the payment method. While three quarters of consumers in the UK say they have sent (79%) and received (73%) RTP, nearly a quarter (23%) say they do not know if RTP processes include enough security checks.
More information: https://www.fico.com/en/latest-thinking/ebook/2024-scams-impact-survey-uk
Key Findings
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Nearly a quarter (23%) of UK consumers do not know if RTP processes include enough security checks
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UK usage of RTP is lower than the global average — 79% of UK consumers have sent RTP while 73% have received RTP, compared to 91% and 89% average for all 14 countries surveyed
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Just 16% of respondents have sent RTP from a business to a person, compared to the global average of 31%
FICO’s survey of 12,000 individuals across 14 countries revealed 59% of UK consumers will maintain their RTP usage while 28% have plans to increase. However, with only 35% considering RTP to be more secure than a credit card, there is clearly work to be done to build consumer confidence.
"While there remains some slight uncertainty in the UK market around RTP security, it is clear to us that, based on global and local consumer trends, banks should expect usage to continue to increase and diversify," said James Roche, principal fraud consultant for FICO in EMEA.
"At the same time, however, there needs to be more education around the benefits of RTP, how they counterbalance fraud checks and regulatory changes. This presents an opportunity for banks to communicate risks and warnings to their customers while providing a strong scam defence."
Increased Education Should Lead to Further Adoption
FICO’s survey of RTP use also looked at global opinions comparing the payment method to other forms of transactions. More than a third (35%) of UK consumers consider RTP to be more secure than a credit card, well below the global average of 51%, while 49% view the two payment methods as safe as each other. Just 6% of UK consumers consider RTP less secure than a credit card.
"There is plenty of room for RTP use to grow in the UK market and banks can expect to see an accelerated rate of adoption when they explain the benefits of the payment method to their customers," added Roche. "As the UK RTP volume increases and begins to match global averages, there will, however, be a rise in scam threat."