While 68% of those polled by the global payments company said revenue rose after installing a contactless POS device or other payment technologies, 63% experienced an increase in footfall. In contrast, close to half of cash-only retailers said they lost a transaction because customers were not carrying cash at the time of purchase.
The Visa survey, conducted by 4SiGHT research and analytics company, interviewed 208 small retailers in Abu Dhabi, Dubai, and Sharjah, of which only 50 accepted cash payments and 158 accepted digital payments. Among the merchants accepting credit card and mobile payments, 56% have a contactless POS machine and 77% said they plan to invest in the new technologies soon.
70% of digitally-enabled retailers said they are satisfied with such payments, citing the benefits of preventing fraudulent purchases and offering a streamlined payment method for consumers. They said cash-associated challenges include possible theft from employees, a higher risk of error, and a more complex accounting process.
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