LONDON, UK – 16 November, 2021 – Samsung Electronics Co., Ltd – With Black Friday and the festive spending season just around the corner, it’s that time of year again where people are starting to think about planning ahead and where to find the best deals. And with lockdown restrictions almost fully lifted, coupled with the bumper retail season and the excitement of the imminent festivities, could trip us up if we aren’t prepared.
The recent increase in the contactless card spending limit to £100 (up from £45) will have many feeling like it couldn’t have come at a better time, assuming the quick tap and go function will allow them to spend their money safely using their traditional plastic card, but perhaps they should exercise caution.
Although the temptation to ‘tap and go’ might be there with contactless cards, research shows that the reality is, two in five[1] people are genuinely concerned about the possibility of card fraud with the increase. And given how easy it now is to make a high value payment with a quick tap onto a card reader, the potential loss is greater with the higher limit, especially if you were to lose your card, it’s easier for the person who found it to make a high value payment on that card with no restrictions.
With Samsung Pay however, not only have users already been able to pay above the £100 contactless limit, you get all the convenience of tap to pay with every transaction, regardless of the amount, and authenticated by the customer in the form of fingerprint or PIN, making it more secure than paying by a traditional bank card.
Yet despite this, it seems the majority of the population is sleepwalking into riskier spending, given 60% of people are still using their traditional bank cards to make contactless payments. What’s even more concerning is that over a third of people weren’t even aware of the spending limit increase in the first place, leaving them potentially exposed to fraudulent activity.
Commenting on the benefits and safety of mobile payments for customers, Teg Dosanjh, Director of Connected Services and Technology, Samsung UK and Ireland, said: “As we start spending again after the extended lockdown we’ve had, there are some great deals to be had, but it’s important not to forget payment safety when we’re out shopping.
Physical plastic cards may seem easy with their tap and go function, but with no authentication to spend £100, they present greater risk. We’re encouraged that three quarters of the UK are now more open and feel more positively towards mobile payment solutions like Samsung Pay, which provide a safer and more secure way to pay. With multiple layers of security and protection built in, including biometric authentication such as fingerprint and PIN, customers can grab a bargain, and tap and go, safe in the knowledge that their hard-earned money is protected.”
But it’s not all bad, people are becoming much savvier when it comes to earning perks, with six in ten people having expressed that cashback incentives would motivate them to use mobile payments more often, and preferring them to other rewards out there. That’s where Samsung Pay+, powered by Curve, comes in – available within Samsung Pay, Pay+ gives customers the opportunity to earn some great rewards from their transactions, tailored to their spending history, and earning them between 1 and 20%[2] cashback on every day spending. This is welcome news given Black Friday and Christmas are only around the corner, giving customers the opportunity to maximise the value from every pound they spend – and that’s why solutions like Samsung Pay and Pay+ make good financial sense.
Furthermore, Samsung Pay+ customers can simplify their spending by rolling all their Mastercard and Visa credit and debit cards into one card on their phone and earn cashback across every card they add, making them all that much more rewarding.
Teg added: “We’re a nation of tech savvy spenders and we want the flexibility of being able to pay however, and whenever we choose. We know this is true as two thirds of people we surveyed said they now prefer using mobile wallets over their traditional plastic card, which is double the number from last year (30%)[3]. And as an extra incentive for customers shopping on Samsung.com, customers are guaranteed 5% cashback – only available with Samsung Pay+”
Samsung Pay and Samsung Pay+ support all UK debit and credit cards[4] so you can relax and enjoy seamless contactless payments virtually anywhere that accepts card payment. For more information, please visit: https://www.samsung.com/uk/samsung-pay/
[1] Research carried out by Ketchum Research and Analytics, on behalf of Samsung. A total of 2,000 people aged 18+ were surveyed in the UK. Fieldwork ran from 12th to 26th August 2021.
[2] Cashback offers may vary as they are customised for each user. Offers only valid on spend made using Samsung Pay+ (and not Samsung Pay with another card). Users must download Curve app to choose merchants and access cashback. Daily transaction limits apply.
[3] https://news.samsung.com/uk/the-future-is-digital-brits-wave-goodbye-to-bank-notes-for-a-new-era-of-payment
[4]Combination of Samsung Pay and the new Samsung Pay+ offers users greater coverage, compatible with nearly all banks and payment solutions available in the UK. Full list of Samsung Pay compatible cards can be found on https://www.samsung.com/uk/samsung-pay/faq/
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