New Research from Samsung Pay has revealed that Covid-19 has been a driver of digital payments in the UK, causing traditional methods to decline.
The survey showed that almost half (46%) of Brits claim they are more willing to pay digitally following the lockdown period. In addition, half of respondents said they feel “anxious”, “overwhelmed”, or “scared” when thinking about their finances.
Four in ten respondents also said they have too many cards in their wallet, meanwhile, 45% want to avoid using physical cash.
Teg Dosanjh, director of connected services and technology at Samsung Electronics UK & Ireland, said: “These results exhibit a clear shift in consumer attitudes towards the way they make payments following this year’s events.”
Surveying 2,000 people across the UK, Samsung’s research also revealed the following insights:
- People want more control: 61% of people between 18-64 wish they had more control over their finances.
- Too many options: Four in ten consumers feel “overwhelmed” by the sheer number of different banking options currently available to them.
- Rewards are rare: 82% of 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.
Samsung Pay Card
With this move to more digital payments, tech companies around the globe are looking to create solutions to satisfy growing consumer needs.
Earlier this year, Samsung launched the Samsung Pay Card, powered by Cruve and Mastercard. According to Samsung, the card is a digital solution built for this new era of payment.
Through the card, customers can add all their existing credit and debit cards to the Samsung digital wallet. The aim is to ensure a more seamless customer experience by allowing customers to have all their cards in one place.
Dosanjh said: “Samsung Pay Card provides customers with the option to control all of their finances from the palm of their hand, something that this research shows is more important now, than ever before.
“Our customers are at the heart of everything we do, and we strive to create technology that improves their day-to-day lives. The Samsung Pay Card is not a bank card, but a digital wallet that provides our customers with a simple, safe and much more rewarding way to bring their cards together.”