The Future is Digital: Brits Wave Goodbye to Bank Notes for a New Era of Payment

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

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:

• 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.

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:

• All your cards, in one place: Samsung Pay Card supports all Mastercard and Visa payment cards, allowing people the convenience to pay contactless through one app, all from the palm of their hand.
• Leaving the wallet at home: From credit cards and debit cards, to loyalty and membership cards, Samsung Pay Card removes the need to carry a wallet or purse around – with everything in one, simple to use app.
• Maximising rewards: Samsung Pay Card is a free-to-use service that makes spending more rewarding. Additionally, users can earn 5% cashback[3] at Samsung.com and earn many more rewards from a wide choice of merchants[4].
• Going back in time[5]: With the unique ‘Go Back in Time’ functionality, Samsung Pay Card user can move transactions from one card to another after they’ve been made, giving customers more flexibility and control of their spending.
• See the full picture[6]: For a crystal-clear understanding of payments, customers can see transactions across different cards via the Timeline View in the Curve app, or recent transactions in Samsung Pay, with real-time notifications

“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 and Technology at Samsung Electronics UK & Ireland.

“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.”

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.