Digital wallets reach “tipping point” as usage continues to soar post-lockdown

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Digital wallet usage has continued to soar skyrocket lockdown restrictions were lifted across the UK, as the nation reaches a “tipping point” in how it chooses to pay for goods.

Nearly two thirds (62 per cent) of Brits said they would now prefer to use mobile wallets to pay for goods, doubling from 31 per cent last year according to new research from Samsung.

During the peak of lockdown last year, 46 per cent of UK shoppers said they were more willing to pay for goods digitally, but this figure has continued to rise as physical retail reopened as shoppers place a greater focus on both convenience and hygiene.

READ MORE: Digital wallets to make up $11bn of online spending by 2026

Nine in 10 people surveyed said they thought using a smartphone or smartwatch to pay for goods during the pandemic was more convenient, while a more than half (53 per cent) of respondents said they would happily no longer receive plastic cards from their bank.

“This shift is indicative of the way customers are migrating towards mobile payments as confidence and convenience grows in more digital forms of transaction,” Samsung’s director of connected services and technology Teg Dosanjh said.

“The reality is retail looks and feels different these days, and customers are savvy about ways to keep themselves safe in store whilst speeding up transactions at the till.

“Mobile payments are not only more convenient and more hygienic, but they can offer added benefits in terms of cashback and rewards – something we’re proud to offer through our Samsung Pay and Pay+ product.”

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