By Chanel Smith, EMEA Editor (@PYMNTS_EMEA)
Consumers in the UK are ardent participants in the digital revolution, and it is clear that they are eager for modernized payment solutions.
British consumers are some of the most tech-savvy in the world, and they have access to the most up-to-date technologies such as 4G networks, EMV devices and fiber-optic broadband. A new study conducted by WorldPay illustrates that consumers are ready for new payments to match their fast-paced lifestyles. As new payment methods are on rise, consumer perceptions and desire for cash dwindles. If Brits think cash is a dying trend, then how do they expect to pay in the future?
The Future Of Payments
Geraldine Wilson, managing director at WorldPay Zinc, stated, “Consumers are falling out of love with cash. Seventy-two percent of consumers now find card payments to be much more convenient; largely due to Chip & PIN technology being trusted by both merchants and consumers alike.”
The survey shows that 77 percent of Brits think various coins will no longer be in circulation after 10 years, and 76 percent also believe checks will soon disappear. Almost two-thirds of the respondents (60 percent) said they foresee themselves frequently making purchase with mobile devices and other card payment options. Forty-eight percent even stated they would adopt fingerprint payment systems at local supermarkets in the future.
Thirty-nine percent predicted that biometric payment methods, such as facial recognition or iris scans, will become common to help speed up the check out process. Another 32 percent are optimistic that they will be making payments via voice recognition systems.
“As new technologies continue to emerge, predictions about future methods of payment – from fingerprints to iris scans – are reflective of the fact that one-in-three people would simply feel much safer if they didn’t have to carry cash around with them anymore,” said Wilson.
Brits are paying attention to merchants that accept card payments over ones that don’t, and 72 percent said they have a negative perception of businesses that don’t accept cards. A less-than-satisfied 28 percent even said they think of it as a sign of poor customer service. About one-fifth of respondents believe that shops that don’t take card payments are unprofessional. Moreover, 20 percent of consumers said they forfeited a purchase and left the store because they weren’t able to pay with their cards.
“Consumers increasingly want the choice of how to pay, with many choosing card over cash,” explained Wilson. “The challenge for sole traders and small businesses is to keep up-to-date with the changing payment trends. Our research shows that those who do will be better placed to increase their sales, whilst saving themselves time and energy chasing payments.”
To read the full report at WorldPay click here.