UK-based payment service provider ECOMMPAY has revealed that 24% of UK consumers require better understanding of BNPL schemes. In its study with Censuswide, more than half of business leaders (54%) still feel they are facing various challenges in supporting the online financial literacy of its consumers and partners.

Only 27% of businesses surveyed felt their efforts to educate consumers about financial tools offered were successful and 26% expressed it was difficult executing policies to help with financial literacy. Consumers keep becoming more knowledgeable ECOMMPAY’s research reveals that 64% of consumers feel financially literate when it comes to Open Banking and understanding its payment option implications. This, is in comparison to the previous year when just 14% of consumers completely understood Open Banking.

Yet, more than two-thirds are still not aware of Opening Banking, suggesting the need for further help. When it comes to crypto, more than half of those surveyed felt that they were financially literate about utilising crypto assets for payment. However, 46% do not understand crypto or know what it is.

Desired sources of financial education Almost half of business leaders surveyed felt it was the responsibility of banks to educate consumers about online financial literacy, followed by governments (41%), and then payment providers (40%). ECOMMPAY’s officials stated that their research has shown that consumers are broadly confident in their financial literacy and are generally more savvy when it comes to utilising the latest financial tools. However, more education and support is still required to ensure all new payment options can be utilised responsibly and consumers are not left in the dark about the implications of trading crypto or agreeing to BNPL schemes.

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