Consumers ‘see no end to cash payments’
Written by Anthony Strzalek
British consumers continue to favour cash as a means of payment, with 74 per cent believing there will always be a role for cash, new research has revealed.
According to a survey carried out by Glory, a cash technology solutions firm, which polled more than 1,500 shoppers in the UK, US and Australia, 86 per cent of consumers are comfortable using cash and 48 per cent still use cash on a daily basis.
Though electronic, mobile and contactless payments are growing in popularity the research suggests that cash will continue to play an important role for the foreseeable future.
Security, convenience and choice were important factors for consumers choosing cash payment options. Only 16 per cent rated any other form of payment more secure than cash and 61 per cent said they trusted cash over mobile forms of payment.
At the same time, 55 per cent reported that they don’t like handing over their cards to a cashier to make a contactless payment. On convenience, nearly two thirds say they will use whatever payment method is easiest at the time.
While contactless payments have become more important as transaction limits have been increased, in the UK 90 per cent of consumers will typically use notes and coin for transactions up to £50. A total of 40 per cent would abandon a transaction if their preferred form of payment was not available and 82 per cent believed there should always be the option to pay in cash.
In fact, over half (58 per cent) of UK consumers use cash now just as much or more than they did a year ago and 56 per cent believe the introduction of new polymer notes and the new one pound coin have made cash more secure.
Sion Roberts, executive vice president of global retail at Glory Global Solutions, said: “Cash remains a trusted payment method. It clearly has a strong place in shoppers’ hearts – and wallets – and will have for many years to come. This has important implications, as it is still being handled inefficiently and insecurely within many retail environments and this is something that needs to be addressed as a matter of urgency.”