Do you tend to use your card or cash more when making payments? It seems that an increasing number of us are turning our backs on cash and preferring to pay with a card when we visit our local high street retailer. According to the British Retail Consortium, cash payments made up £28.93 in every £100 spent at retailers in 2012 which was down from the previous years spend of £32.
KPMG have also predicted that the majority of people will not be using cash by 2020 as cash payments fall away year on year. This is somewhat ironic as in today’s busy world; card payments actually take longer than cash payments (on average 9 seconds longer). However, cash payments are under threat due to the rise in contactless and mobile payments and over half of manned tills in retail stores will soon be able accept contactless payments. According to research from PayPal, almost half of Londoners would prefer to leave their wallet at home rather than their smartphone.
What does this mean for high street retailers? How do you feel about this change in payment methods? Are you planning on adapting your POS systems to accommodate contactless payment? Let us know your thoughts.