London, UK – November 2nd , 2020 – Samsung Electronics Co., Ltd can today reveal the results of a national survey[1] into Brits’ relationships with their finances, and payment solutions. 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.
The UK’s enthusiasm for digital payment methods has soared over the last year, as almost half of (46%) Brits claim they are more willing to pay digitally following the lockdown period. With half of the respondents claiming to feel “anxious”, “overwhelmed” or “scared” when thinking about their finances, the nation is looking for new, simpler ways to manage their money.
The survey suggests that traditional transactions could soon be coming to an end. 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. 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 state it is a major benefit of going digital.
Surveying 2,000 people across the UK, Samsung’s research also revealed the following insights:
As consumer attitudes evolve, so must the technology. Launched earlier this year, the Samsung Pay Card, powered by Curve and Mastercard, is a digital solution built for this new era of payment.
This is not another bank card to add to the mix. With the Samsung Pay Card, users can carry their whole wallet digitally via their Samsung smartphone or smartwatch. With a simple set-up in the Samsung Pay app, customers can shop with their existing debit and credit cards, as well as their loyalty and rewards cards, virtually anywhere that contactless is accepted[2].
By opting for the Samsung Pay Card, users can benefit from:
“These results exhibit a clear shift in consumer attitudes towards the way they make payments following this year’s events,” commented Teg Dosanjh, Director of Connected Services, UK & Ireland at Samsung Electronics.
“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 loyal customers with a simple, safe and much more rewarding way to bring their cards together”
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. With vault-like security, built upon Samsung Knox and biometric authentication measures, Samsung Pay Card provides reassurance by ensuring every payment stays private, protected and secure.
Samsung Pay Card is available to all Samsung Pay app users, with a simple in-app set up, customers can use their Samsung Pay Card straight away.
For more information, please visit: https://www.samsung.com/uk/samsung-pay/#SamsungPayCard.
[1]The research was carried out by Ketchum Research and Analytics, on behalf of Samsung. A total of 2,000 people aged 18+ were surveyed in the UK. Fieldwork ran from 1st-5th October 2020 and was conducted by Vitreous World.
[2]Combination of Samsung Pay and the new Samsung Pay Card offers users greater coverage, compatible with nearly all banks and payment solutions available in the UK. Full list of Samsung Pay compatible cards can be found on https://www.samsung.com/uk/samsung-pay/faq/
[3] 5% cashback on all purchases made using Samsung Pay Card on Samsung.com until 31.12.20. Offer can be used with any other Samsung.com offer.
[4]Choose 1% cashback from 3 merchants selected from a wide range of brands. Introductory offer for 90 days.
[5]Move £1,000 up to 14 days after transaction. Limits may vary depending on individual Curve accounts.
[6]Samsung Pay platform shows recently 10 transactions using Samsung Pay Card, full transactions from date of use can be viewed in supporting Curve app
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