Revealing the results of its national survey into Brits’ relationships with their finances, and payment solutions, Samsung has suggested this year’s lockdown has had a transformative impact on the way people want to manage and improve their personal finances.
The UK’s enthusiasm for digital payment methods has spiked over the last year, as almost half of (46%) Brits claim they are more willing to pay digitally following the lockdown period.
The survey suggests that usage of traditional transactions could soon be coming to a conclusion. 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.
Teg Dosanjh, Director of Connected Services and Technology at Samsung Electronics UK & Ireland commented: “These results exhibit a clear shift in consumer attitudes towards the way they make payments following this year’s events.
“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.”
While this attitude has, inevitably, accelerated due to this year’s pandemic, the research underlines that 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.
The flexibility of checking accounts and moving money around at the tap of a button is a key factor in this shift, as eight in ten stated it is a major benefit of going digital.
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.
