Uncover the expanding realm of embedded finance in the UK through Marqeta’s survey. Explore the popularity of digital payment methods and the confidence in mobile wallets among UK consumers.

According to a recent survey by Marqeta, the card issuing platform, embedded finance is still expanding in the UK and customers there appear to be desiring more of the ease it offers in ever-greater numbers when it comes to payments.

According to Marqeta’s annual “State of Payments” survey, consumers are now wholly accepting the value that integrated finance may add to their lives. The results are based on a survey of 4,000 customers from three continents, including 1,000 from the UK.

Due to the improved experience, 72% of UK mobile wallet users surveyed had now made a purchase using a retailer’s embedded mobile app. 73% of UK mobile wallet users also stated that they feel comfortable leaving their wallets at home and simply using their phones to make purchases these days.

In part because of the rising confidence surrounding them, digital payment methods are likewise becoming more and more well-liked. 76 percent of respondents in the UK said they would constantly add fresh cards to their mobile wallet. Eighty-nine percent, up from 81 percent in 2022, also think that this is a “simple” process. As a result, 93% of UK mobile wallet users who participated in the poll said they had one or more cards loaded.

Payments in the UK

Marqeta also disclosed a number of additional payment tendencies that may presage how payments may develop in the UK in the future:

  • 73% of UK consumers had at least once utilized peer-to-peer (P2P) payment transactions.
  • 95% of questioned UK customers said they have used contactless payments in the previous year.
  • In a poll of UK customers, 68% reported using a mobile wallet in the previous year.
  • According to a survey of UK consumers, 65% anticipate that currency will fully disappear over the next 10 years, while 44% think it will happen sooner.

Although there is still a growing desire for digital and embedded finance services, UK customers are still loyal to their established banks. Eighty-four percent of people make use of traditional banks as their main supplier. Additionally, 41% said they have been customers of their present bank for more than ten years.

A additional 77% of respondents in the UK stated they had no plans to switch their primary banking service. Most survey participants (77%) and respondents (53%) use their primary bank for debit card and savings account services.

“We’re at a turning point”

“Embedded finance is enabling brands to become financial service providers, offering consumers more streamlined payment experiences,” said Jeff Parker, SVP and managing director of international at Marqeta. Our analysis demonstrates that, following years of significant digital innovation, consumers have a high level of confidence in modern, embedded payment methods, and businesses that don’t provide them risk missing out on future uptake.

“When it comes to the coexistence of traditional suppliers and cutting-edge payment systems, we’ve reached a turning point. While the present balance between traditional and digital-first is evident in our study, embedded finance is forcing businesses to reconsider how they incorporate payment solutions into their products. Whoever can offer the best end-to-end user experiences will enjoy long-term customer loyalty.

embedded finance
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