Is your business ready to take advantage of a cashless society?

The coronavirus pandemic has greatly sped up the march towards a cashless society in Britain. In 2010, 58% of all payments in the UK were made with cash, but this has dropped dramatically, to less than 25% last year. And Covid-19 means this figure will be much, much less in 2020. 

Mobile payments are more common than ever. After all, when you’re out shopping what could be more convenient than pulling out your phone and paying using contactless technology for goods or services, in a matter of seconds. No need to worry about forgetting your purse or wallet, or risk those new plastic banknotes slipping out of your pocket without you noticing. 

But more importantly, digital transactions mean zero risks of infection. Covid-19 can be passed by fomites on surfaces, and while it’s not clear how serious a risk this is when it comes to cash, most people would understandably prefer to play it safe. The trend towards cashless consumerism has been slowly growing over recent years, but clear that Covid-19 has accelerated the move away from cash for many consumers. 

This means an increase in opportunities for businesses to take advantage of mobile wallets. Statistics show that two-thirds of adult smartphone users want a mobile loyalty card, while a whopping 77% of users are interested in having their expired coupons automatically updated to new offers. This suggests mobile wallets aren’t simply a new way to pay for goods and services, they offer convenience that physical cash simply doesn’t have. 

Rather than pass a physical loyalty card back and forth, with all the risks that entails, not to mention possibly losing or misplacing it, what could be simpler and more useful than having it on your phone, with all the advantages and useful deals available at the touch of a button? 

This new technology is being integrated into our digital lives at a remarkable rate, and the pandemic has considerably sped this up. Shopping has become more seamless than ever, and the spike in mobile wallet technology over the recent months is unlikely to be temporary. Customers will have realised the advantages over physical cash, and few will want to return to handling risk-laden, cumbersome coins and notes when their smartphone can do the same but with added benefits.

The real test now is for businesses to take advantage of the opportunities that mobile wallets offer. The customer need is there and the technology is widespread, the next obvious step is to fill in the gaps. How can your business benefit from mobile wallet tech to help and retain customer loyalty? There are countless ways, but if you’d like expert advice feel free to get in touch.