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New Marqeta Research Finds UK Consumers Are Leading Global Adopters of Digital Payments, With Over Two-Thirds Now Comfortable Ditching Wallet For the Phone
In the last seven days, 80% of UK consumers surveyed reported using contactless payments, compared to 46% of US respondents. Half (50%) of UK respondents
About this update from Marqeta, Inc.
[{"type":"text","content":"\n\nIn the last seven days, 80% of UK consumers surveyed reported using contactless payments, compared to 46% of US respondents.\n\n\n\nHalf (50%) of UK respondents confirmed their cash usage had decreased over the past year, as comfort grows with the idea of a cashless society.\n\n\n\nEmbedded finance opportunity builds as 20% of UK respondents would consider shifting completely to a digital only bank, and 39% would consider using a non-financial provider.\n\n\n\n LONDON--(BUSINESS WIRE)--\nUK consumers are leading the charge on digital financial services adoption amid rising demand for more innovation and convenience in payments and banking, according to a study from Marqeta (NASDAQ: MQ), the global modern card issuing platform powering some of today’s most innovative embedded finance solutions. The 2024 State of Payments Report released today - surveying 4,000 consumers across UK, US and Australia, including over 1,000 in the UK - reveals that the UK is ahead of the US in digital financial services adoption with 80% of UK respondents reporting using contactless payments in the past week, almost double the number reported in the US (46%).\n\n\nThe report, the fifth annual Marqeta survey of consumers about their purchase preferences, reveals that UK consumers are growing more comfortable with a cashless society with 50% of UK respondents citing they’re feeling positive about this shift and 50% have also decreased their cash spending in the past year, compared to 31% of US respondents. UK consumers have also embraced the transition to digital wallets, with almost three-quarters (74%) of those surveyed confirming that they automatically add a new card to their mobile wallet, 40% surveyed reporting using a mobile wallet in the last week, and over two-thirds (68%) now feeling confident enough to leave their physical wallets at home, demonstrating the societal shift to increased reliance on digital payments.\n\n\nDemand grows for faster pay\n\n\nThe study also finds that in the UK, existing payment structures are lagging behind the growing consumer demand for instant, digital payments. Despite 88% of UK respondents agreeing that getting paid earlier would improve their financial peace of mind, the majority (82%) still only have access to owed funds at the end of the month. Providing earlier access to wage programs like Accelerated W...