A new report by Tink has highlighted significant challenges for UK small businesses regarding manual bank transfer payments. According to the data, these businesses lost £6.15 billion in direct sales during 2024 due to customer hesitation over traditional bank transfers. In addition, an estimated £31.4 billion was lost in missed repeat purchases as a result of outdated payment options (source).
The report indicates that 41% of UK consumers abandon a purchase when required to pay via manual bank transfer, and 57% do not trust businesses that request this method. These findings underscore concerns around both convenience and security associated with older payment processes.
Open Banking Solutions: Pay by Bank
Modern alternatives such as Pay by Bank—a solution based on open banking technology—were highlighted as ways to address these challenges. Pay by Bank enables faster settlement, improved payment transparency, and reduces risks tied to authorised push payment (APP) fraud. With these advantages, UK merchants could see higher conversion rates and greater consumer trust.
- Learn how Trustly leverages open banking for instant withdrawals
- Comparison: Instant e-wallet payouts vs. card withdrawals
- Guide to casinos with fast payouts
- Overview of popular casino withdrawal methods
- Common issues facing UK casino withdrawals
Summary Table
| Issue | Impact (2024) | Key Statistic |
|---|---|---|
| Manual bank transfers | £6.15bn lost sales | 41% abandon purchase |
| Lack of payment modernisation | £31.4bn missed re-purchases | 57% distrust businesses |
As payment preferences among UK consumers continue to shift towards instant and secure solutions, the report highlights a growing need for businesses—including online casinos—to provide modern payment options that improve settlement speed, reduce fraud exposure, and increase overall user confidence. For further reading on payment innovations and regulatory trends affecting the gambling sector, visit our homepage or browse our guides to e-wallet betting in the UK and the adoption of mobile payment technologies.
