51% of UK citizens would welcome more control over how and when they pay their utility bills
Amidst demand from consumers for greater flexibility on monthly payments, there is an opportunity for utility providers to unlock greater customer loyalty by investing in payment methods that offer more control and transparency.
New research of more than 2,000 UK consumers by Tink revealed that people want greater control when dealing with their monthly payments. Over half of UK citizens (51%)1 say they would welcome more control over how and when they pay their utility bills.
Learn more on Tink's blog.
Andrew Boyajian, VP of Product for Payments & CX at Tink comments: “During the colder months, when energy and utility bills typically rise, consumers are under increasing financial strain - meaning growing demand for utilities providers to offer more support with managing their bills. With payment flexibility a particular sticking point, investing in data-driven financial services enables utilities providers to give customers greater control over their payments – which is especially important during difficult economic times."
“Open banking solutions like VRP (Variable Recurring Payments) can help utilities providers offer support to customers struggling to stay on top of monthly outgoings, with features such as agreed maximum payment amounts and automated retries meaning both parties can have more peace of mind and the ability to adapt to changing circumstances. More flexible payment methods can also be powered by VRP, for example, an agreement with the utility provider to split bills into multiple payments.”
Stay current with the latest payments insights from Visa Navigate Europe - subscribe today.
All brand names, logos and/or trademarks are the property of their respective owners, are used for identification purposes only, and do not necessarily imply product endorsement or affiliation with Visa.
1Consumer research was conducted by Censuswide on behalf of Tink in September 2023, amongst 2,000 nationally representative UK respondents.
Case studies, comparisons, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa Inc. neither makes any warranty or representation as to the completeness or accuracy of the information within this document, nor assumes any liability or responsibility that may result from reliance on such information. The Information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
Share Feedback