Over three-quarters of consumers have abandoned their online shopping baskets due to concerns about sharing information with unknown e-tailers. A further 72% do not complete online transactions due to slow payment processes and other security concerns.

According to the statistics from Visa, 90% of millennials have bought something using their smartphone – compared to the national average of 67% – while this demographic now spends as much money online as on the high street. But this younger group of consumers is 10% more likely to abandon a purchase, with 84% having done so.

“The UK leads Europe in eCommerce sales, with mobile shopping in particular experiencing rapid growth. But, with so many consumers abandoning baskets during the buying process, there is a clear need for new, easy, secure ways to pay,” said Kevin Jenkins, MD of Visa UK and Ireland. “Retailers who are able to address consumer concerns in relation to the security and convenience of the payments process will avoid losing out on sales. Furthermore, they will tap into the vast opportunities offered by online retail.

Jenkins added: “As shoppers spend even more online, in terms of frequency and value, the balance that needs to be struck between speed and security has become even finer. Younger consumers expect a quick, hassle free payment experience, wherever and however they shop.”

The Visa research into 1,000 UK online shoppers also found that consumers who order takeaway food online are most likely to abandon their purchase due to time-sensitivity. Visa said 60% of consumers will abandon their order if it takes longer than five minutes, while only 22% of shoppers are willing to wait longer than 10 minutes.

When it comes to online home entertainment products, like demand streaming, 55% will abandon a purchase after five minutes while 76% will ditch the process if it takes over 10 minutes.