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To Cash Or Not To Cash, That Is The Question

When it comes time to pay, what is the best method of payment? The debate continues over whether or not cash is the answer.

According to a recent Cardtronics Europe report, 90 percent of payments made in retail stores in Europe are made in cash. Essentially, the research showed that retail stores are more likely to encourage return visits and additional spend in store by offering customers access to cash at the same time as purchasing their groceries or paying a bill.

“It is perhaps not surprising that in an increasingly time-poor society we want to achieve more than ever when we visit our local shop,” Cardtronics Europe managing director Jonathan Simpson-Dent said in a statement. “By offering a diverse range of services to their customers, local convenience hubs remain a ‘one stop’ shop for their local communities, and cash access is a central part of that customer experience.”

However, research from the British Retail Consortium (BRC) revealed that cash payments were down 3.3 percent in the last two years. According to those results, shoppers increasingly use contactless cards and mobile payment options to make smaller “on the go” payments for which they would have previously used cash.

Along similar lines, just last week PYMNTS.com reported that smartphone and tablet use were on the rise in the UK when it came to online shopping. So the question remains, to cash or not to cash? 

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.

 

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. Check out the February 2019 PYMNTS Digital Fraud Tracker Report

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