A recent report from Tink has highlighted that UK small and medium-sized enterprises (SMEs) lost £6.15 billion in direct revenue and an additional £31.4 billion due to customer attrition in 2024. The data shows that 41% of consumers abandon purchases when asked to make a manual bank transfer, with growing mistrust closely linked to rising authorised push payment (APP) fraud—reported to have caused losses of approximately £450 million. While manual transfers remain slow and prone to error, payment experts are recommending a shift towards solutions like Pay by Bank, enabled by open banking, which offer faster payouts and enhanced fraud protection.
This trend is prompting renewed scrutiny of traditional payment flows in both retail and online gambling sectors, where the speed and security of withdrawals are key considerations for customers. By adopting modern systems such as Pay by Bank, SMEs and online casinos can potentially reduce withdrawal times, rebuild consumer trust, and mitigate the risks associated with APP fraud. According to the Tink report, “Payment journeys need to be both secure and seamless. Moving to open banking can help achieve this while reducing risk.”
Key findings at a glance:
- £6.15 billion in direct SME revenue lost to slow or mistrusted payments
- 41% of UK consumers abandoned checkouts requiring manual bank transfer
- APP fraud reached £450 million in 2024, influencing consumer confidence
- Open banking methods such as Pay by Bank provide faster, more secure transaction options
| Issue | Impact | Solution |
|---|---|---|
| Manual bank transfer requests | High customer drop-off (£31.4bn in lost business) | Switch to Pay by Bank via open banking |
| APP fraud risk | Lower trust and increased fraud losses (£450m) | Enhanced authentication and real-time monitoring |
| Slow payout times | Dissatisfied customers, competitive disadvantage | Faster, automated payment processing |
For UK casino players, these findings underline the importance of choosing sites that offer robust, rapid withdrawal methods and have adopted up-to-date payment technology. To learn more about secure and efficient casino payouts, see our guides on fast payouts, Trustly withdrawals, PayPal, bank transfer, and instant e-wallet vs. card payouts.
For further reading and regulatory context, visit Casinowithdrawal.co.uk or consult the original analysis at TechRadar Pro.
