daVinci Payments released a new national UK study identifying how people are making and receiving payments during shelter-in-place and how they intend to shop in the future. The “Future of Payments UK” study conducted 19-29 June 2020, pinpoints how UK payment and shopping habits have changed as a result of the pandemic, and the impact those changes will have on the 2020 Christmas shopping season and beyond. Ultimately, COVID-19 has accelerated payments to be more digital, virtual and mobile for all ages.
“An overwhelming majority of people across all age groups in the UK have connected devices and use payment apps,” explained daVinci CEO, David Josephs. “Traditional payment methods like credit, debit and prepaid cards are as popular as they ever were, but the physical cards themselves are giving way to new form factors like mobile wallets, apps and contactless payments,” Josephs added.
The following findings illustrate how UK payment habits are quickly shifting to online and mobile in the current consumer landscape—and how they will continue into the future.
- 71 percent of all respondents expect to do more than half of their 2020 Christmas shopping online
- 60 percent of all respondents are currently doing more than half of their shopping online with 72 percent of Gen Z and Millennial shoppers (18-38-year-olds) doing so
- 52 percent of all respondents use mobile for more than half of their online purchases with 65 percent of Gen Z and Millennial shoppers (18-38-year-olds) doing so
- 67 percent said they are likely to do 100 percent of online shopping on their mobile in the future
In addition to these key findings, the Future of Payments study outlines the many ways people intend to pay in the year ahead, as well as the payment features payees’ value most, reasons they are being paid, and how they are being paid now. How payees spend is impacting how they want to be paid with many of the top features they look for when being paid, including acceptance in most places, ease to spend, convertibility to other payment forms and cross-border spend flexibility.
The complete report will be revealed in a live webinar to be held on Tuesday, 21 July, at 2 p.m. BST (British Summer Time) hosted by daVinci CEO David Josephs. Josephs has decades of experience in payments including leading Visa’s push payments business in Europe from London, heading Debit and Prepaid Product at Visa for North America and leading prepaid businesses for JPMorgan Chase. He will be joined by daVinci’s Managing Director, Europe, Sebastien Van Schalkwyk.