A new study, the Future of Payments of the U.K., was just released by daVinci Payments. The study researched how insurance customers want to be paid, what their preferred payment features are and how to drive engagement with paying customers. The study, conducted on June 25, 2020, surmised that prepaid cards are the most desired payment alternative to a direct deposit, according to a press release.

"With increased connectivity and the importance of speed and security, it is no surprise that people prefer prepaid payments as a direct deposit alternative," Tim Pope, senior director of business development, Europe at daVinci Payments said in the release. "Virtual prepaid cards are much better suited to meet current market demands for mobile-first speed, security and flexibility."

The study also indicated people wanted to be paid in ways most convenient to them such as mobile, online, in-person and through contactless payment. The study found that 67% of respondents are likely to do all their online shopping on mobile in the future and majority said mobile is already dictating most web payments.

Additional findings of the study reveal:

• The majority of respondents said security and speed are the most important features for insurance payouts.
• Most respondents find prepaid cards a better alternative to direct bank account payments.
• More than 80% would welcome a surprise value offer with their payment.
• Two-thirds of respondents would use texted virtual prepaid payments that are activated upon completing a desired behavior like redeeming with a claim partner.