According to a recent report by Samsung Pay research, electronic payments have become the preferred method of payment for a majority of Britons. The report highlighted that 52% of Britons now opt to use their mobile phones to make payments instead of carrying cash when going on routine trips. Additionally, a staggering 89% of respondents believe that there will come a time when cards and cash will no longer be used, with people solely relying on their mobile phones for all transactions.
The study also revealed interesting insights regarding the use of wallets or purses. It found that 36% of respondents only use these accessories when traveling further than usual, while 18% never use them at all. In fact, 16% of Britons struggle to recall the last time they brought their wallet or purse with them, and another 14% have not used one in at least six months. These findings suggest a growing trend towards a cashless society in the UK.
What is perhaps most intriguing is the percentage of people who always carry cash. Surprisingly, out of the population, only 14% do so, and this drops even further to 8% among 18-29 year-olds. The research also indicates that 83% of Britons are making fewer cash purchases compared to five years ago. Furthermore, 72% of respondents believe that it is mainly older individuals who still rely on cash as a routine payment method.
The report sheds light on the reasons behind Britons’ preference for electronic payments. Top concerns expressed by respondents include losing cash while out (24%), hygiene issues associated with using cash (23%), and feeling vulnerable when withdrawing money in public (22%). Additionally, 26% find it troublesome to count out change, while 19% find it time-consuming. Notably, 24% believe that mobile phone payments are more secure and provide a safer way to conduct transactions compared to using cards or cash.
Teg Dosanjh, Director of Connected Services and Technology at Samsung UK and Ireland, commented on the findings, stating that the decrease in cash transactions is not surprising. Dosanjh attributes this shift to a combination of businesses no longer accepting cash and consumers becoming more technologically savvy. He highlights the desire for flexibility and convenience in payment options, which has led to a significant rise in the number of Britons using their phones for contactless payments.
Overall, the report clearly indicates a significant shift towards digital payments in the UK, with more people relying on their mobile phones for everyday transactions. As the use of cash continues to decline, it is evident that electronic payments are now the preferred choice for many Britons due to concerns about cash handling, convenience, and perceived security benefits.
Useful links:
1. Samsung Pay
2. BBC News: Contactless and mobile payments available at every UK store
