{$inpagemarkup}

Search News

Results: 1-10 of 694


Rising costs continue to impact hair and beauty sector

21 Feb 2024

The latest quarterly State of the Industry survey from the National Hair & Beauty Federation (NHBF) shows that the recovery of the sector was slow and steady through 2023 and into January... Read more…

UK votes for its favourite pun-based shop name

21 Feb 2024

The UK has voted for its favourite pun-based shop name, and 'Sew It Seams' - a clothing alteration store in Belfast - has been awarded the top spot. 
Read more…

Town centre shops praise council for initiatives

21 Feb 2024

Businesses in the Devon town of Ottery St Mary have praised their local council for initiatives designed to help support them and boost trade.
Read more…

Three UK indie coffee shops named among the most popular in the world.

19 Feb 2024

A new ranking of the most popular independent coffee shops in the world has put three UK cafes in the top 10.
Read more…

Age-friendly businesses could revitalise Britain's high streets.

19 Feb 2024

Older people could be the financial shot in the arm needed for Britain’s high street, according to research commissioned by the University of Stirling. 
Read more…

Rural shops more important than ever, new report shows.

8 Feb 2024

The ACS (the Association of Convenience Stores) has celebrated the crucial role that rural shops play in thousands of communities across the UK in its 2024 Rural Shop Report.
Read more…

Study reveals Apple Pay and contactless payments have overtaken cash payments as favourite ways to pay in-store.

8 Feb 2024

New research reveals that Apple Pay and contactless payments have overtaken cash payments by a landslide as our favourite ways to pay in-store.
Read more…

Fed expresses alarm at ‘runaway’ shoplifting incidents.

5 Feb 2024

The Federation of Independent Retailers (the Fed) has expressed alarm at new figures that show shoplifting at its highest level in 20 years.
Read more…

Hunstanton deli launches new West Norfolk food and drink festival.

5 Feb 2024

A brand-new festival is being launched next month is “all about community and breathing life into the High Street”, according to Mark Kacary, managing director of The Norfolk Deli in... Read more…

Retailers react to disposable vape ban.

5 Feb 2024

The retail sector has been responding to government plans to ban disposable vapes as part of plans to tackle the rise in youth vaping.
Read more…

Back to news menu

Study reveals Apple Pay and contactless payments have overtaken cash payments as favourite ways to pay in-store.

Posted on in Business News

New research reveals that Apple Pay and contactless payments have overtaken cash payments by a landslide as our favourite ways to pay in-store.

apple pay

 The study comes from digital payment solutions provider, take payments and included a survey of over 1,000 UK consumers, revealing that:

  • Contactless is by far the most popular payment method in the UK. Mobile payments like Apple Pay came in 2nd and cash 3rd.
  • Nearly one in three people admit to never carrying cash and more than half admitted to being deterred from shopping at a cash-only business.
  • People stated that they stick to cash for security and budgeting purposes, while contactless users prefer the convenience.
  • The age group most likely to prefer cash is those aged 55 and over. Nearly a quarter (22%) of Over 55s said that cash was their preferred payment method, compared with just 1 in 10 (10%) 18-24s.
  • One in 15 (7%) admitted that they didn’t even remember their card pin.
  • Interestingly, men are 22% less likely to choose contactless payments than women – could it be that men are less likely to trust contactless technology?

The UK adopted contactless technology in 2007, which was significantly earlier than in the US, which only launched ‘tap to pay’ in 2015. This is possibly why trust in contactless has skyrocketed recently. The increase of the UK contactless limit to £100 in October 2021 may have also played a significant role in its popularity over the past few years.

1 in 3 respondents said they don’t carry cash. Failing to accommodate cashless customers could put businesses at a disadvantage, as cash-free shoppers may take their money elsewhere. However, the results also show a divide, in terms of gender and age, with the over 55s much less likely to adopt the new technology of mobile wallets and stick to more traditional payment methods.

For those still unsure about adopting card payment solutions, there are several potential benefits to consider:

  1. Faster payments — Today, card payments are three times faster than cash transactions. Going cashless reduces queueing time and allows for more efficient service so you can get on with your day.
  2. More convenient — Cashless transactions eliminate the need for cash machines or bank visits. Mobile payment options cater to a broader customer base and can promote accessibility and inclusivity for those who may struggle to withdraw cash.
  3. Enhanced safety – Cashless transactions reduce the risk of robbery and card payments are less susceptible to fraud compared to cash because improved security measures incard payments reduce the risk of counterfeit money.
  4. Improved budgeting and rewards – Digital transactions provide automated electronic records on your mobile banking app which makes for easier budgeting. At the click of a button you’re able to see exactly where you have spent your money and where you could cut back. By using cash you may also miss out on interest or cash back options. Credit card providers also often also offer incentives like points schemes and cash rebates.”

Back to news menu

Useful links

If you have any other queries please contact us.