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Cashless society favoured by four in ten shoppers
Four out of ten consumers say they would rather pay for all transactions by card, according to research by payment solutions company RBS WorldPay.
But half of retailers think there is nothing they can do to improve payment systems, the study found.
Half (52%) of retailers surveyed said upgrading their card payment solutions had a positive impact on their business, increasing profits by an average 18%. One in four claimed profitability increased between 25% and 50%.
But one in five said they do not undertake any research to find the right payment system for their business and half do not think there is anything they could do to improve the payment technology they offer consumers.
However, seven out of 10 customers said they wanted faster, less hassle and more secure payment solutions. 67% of consumers wished independent retail outlets offered more card solutions and nearly half of consumers said they would rather pay for all transactions by card.
• 42% said their lives would be much easier if they could pay for everything with cards rather than cash
• 49% expect the UK to become a near cashless society by 2030 and 39% expect to only use one piece of technology for all payment transactions
• 29% expect to soon pay for goods and services with automated face recognition
• 35% of consumers expect to soon pay for goods and services with iris recognition
• 24% believe that one day microdots will be inserted into our hands to enable people to truly ‘wave and pay’.
• 54% of retailers said customers still regularly pay for goods by cheque.
Some 52% of retailers believe there will be a cashless society, but seven in 10 said they would not be in a position to accept contactless cards within the next five years.
Fewer than one in ten (8%) of general retailers currently has the technology to accept contactless card payments, despite six in ten (63%) thinking that within ten years most people will buy most small value products with the wave of a card or handheld device.
Six in ten (59%) of consumers said they were too embarrassed to pay for small items with cards.
Source: talkingretail.com
Topics: transactions |
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