Business
Marqeta Study: UK Consumers Embracing Embedded Finance As New Payment Solutions Reach Mainstream Adoption
Survey reveals that 72% of UK mobile wallet users surveyed have now made a purchase via a retailer’s embedded mobile app. Almost half of UK respondents would
About this update from Marqeta, Inc.
[{"type":"text","content":"\n\nSurvey reveals that 72% of UK mobile wallet users surveyed have now made a purchase via a retailer’s embedded mobile app.\n\n\n\nAlmost half of UK respondents would consider getting financial services from non-financial providers including tech companies, social networks or retailers.\n\n\n\n77% of UK respondents have no intention of leaving their primary bank provider, but balance loyalty with desire for superior user experience.\n\n\n\n LONDON--(BUSINESS WIRE)--\nEmbedded finance has become increasingly mainstream in the UK, with consumers craving convenience in ever-greater numbers when it comes to payments, according to a new study from Marqeta (NASDAQ: MQ), the global modern card issuing platform. The company’s 2023 State of Payments report released today - surveying 4,000 consumers across three continents, including 1,000 in the UK - reveals how consumers are no longer treating embedded finance and digital financial services as a novelty, but are instead embracing the value that they can bring to their lives.\n\n\nThe digital technology blending both the physical and virtual worlds is changing everything from how people interact with one another to the businesses consumers frequent, but nowhere is the pace of change currently so rapid as in the world of financial services. One way businesses, banks, and fintechs are meeting changing consumer financial demands is through embedded finance with capabilities such as in-app payments or buy-now-pay-later (BNPL) services being integrated into the purchasing experience.\n\n\nMarqeta’s 2023 State of Payments report, an annual survey of consumers about their purchase preferences, shows the confidence that consumers have in new digital payment technology and embedded finance. The study reveals that 72% of UK mobile wallet users surveyed have made a purchase via a retailer’s embedded mobile app owing to the enhanced experience. Almost three-quarters (73%) of UK mobile wallet users surveyed went on to share that they would feel confident enough to leave their wallet at home, and only rely on their phone for making payments.\n\n\nConfidence extends to digital payment processes with 76% of UK respondents stating that they will always add a new card to their mobile wallet, and 89% believing this to be a “simple” process, up from 81% in 2022. As a result, 93% of UK mobile wallet users ...