Samsung Pay survey reveals Brits appetite for digital payments

Tuesday 3 November 2020 11:18 CET | News

Recent research from Samsung Pay has revealed that the UK is more willing than ever to go digital with their payments, as traditional methods begin to get left behind.

The findings of the research, commissioned by Samsung Pay, suggest that this year’s lockdown has had a transformative impact on the way people want to manage and improve their personal finances.      

Since the beginning of 2020, digital payment methods adoption has soared, with almost half of (46%) British citizens claiming they are more willing to pay digitally following the lockdown period. With more than four in ten (42%) people saying they have too many cards in their wallet, up to 15 in some cases, and many wanting to avoid using physical cash (45%), a growing number of people (31%) are now turning to their phone to make payments.

While this attitude has, inevitably, accelerated due to this year’s pandemic, evidence shows this was a pre-existing trend, with nearly half (48%) respondents claiming they can’t remember the last time they visited a bank in person.

Surveying 2,000 people across the UK, Samsung’s research also revealed the following insights:

  • People want more control: More than six in ten (61%) people between 18-64 wish they had more control over their finances, with almost a third (31%) of Gen Z and Millennials admitting to feeling anxious when they think about it. 
  • Too many options: Four in ten consumers feel ‘overwhelmed’ by the sheer number of different banking options currently available to them, suggesting a simple solution is in demand. 
  • Rewards are rare: Over eight in ten (82%) consumers say that they want to get rewarded for using their card, but currently only two in five say they currently feel like they are doing so.
  • Bringing cards together is the dream: Seven in ten people agree that having all their payment cards in the palm of their hands is an ‘amazing’ prospect.

Despite the will to go digital with their payments, research results show that security is still a key concern for people looking to make the transition. Over half of respondents (54%) admit to worrying about how secure their details are when using digital payment methods.

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Keywords: Samsung Pay, cards, digital payments, survey, study, lockdown, mobile payments, cash, UK
Categories: Payments & Commerce
Countries: United Kingdom
This article is part of category

Payments & Commerce