The world is becoming more and more digital as we speak. In the aftermath of the pandemic, contactless payments and online shopping continue to dramatically increase and fuel the shift from cash to cashless payments worldwide.
In the UK only, in October 2021, the total number of transactions made using contactless cards amounted to over £1.3 billion, with the value of transactions increasing to over £14 billion around the same time, according to Statista.
Accessibility to cash post-COVID 19 is another challenge customers face, with 4.3% of the UK population living further than 2km from a bank, building society, Post Office branch or ATM, according to House of Commons research. This is not helped by the fact that around 25% of ATMs now charge customers to withdraw their own money.
Businesses rightfully have questions about how and where these consumers shop, their payment challenges, and how to make the shopping experience as frictionless as possible.
This is why taking the leap into building your business to be entirely cashless is now a good idea. Most of the time, it is more convenient for customers and eliminates much of the hassle that is usually associated with traditional payment methods.