As per PayComplete’s ‘Why Won’t Cash Just Die?!!’ research, which analysed 5,000 consumers from the US, UK, Germany, France, Italy, and Spain, 90% of individuals choose cash as their most used payment method, while 89% of consumers consider the capability to pay in cash significant to their customer satisfaction.
Despite forecasts about cash losing its position globally, the payment method remains a preferred option for individuals, with 69% of them confirming that they always have cash on them. In addition, this applies to all ages and incomes, with 33% of cash users falling within the 25-44 age range and 60% belonging to the mid-range income brackets. PayComplete mentioned that its research shows that cash continues to be a solid part of the payment ecosystem, customer satisfaction, and in maintaining and advancing communities. Over half of cash users think that it assists inclusivity of all members of the community, while 52% of them agree that physical money is set to persist in having a prominent contribution to society for the foreseeable future.
Furthermore, even if many believe that cash is mostly used by older generations, PayComplete’s report revealed that Gen Z individuals prefer paying with cash, with 29% placing it in the first place, bringing debit cards down to the second. Besides this, cash is the second most popular method to pay for all age groups. When it comes to businesses, the ones that do not provide cash as a payment method risk witnessing a drop in sales and revenue. The report underlined that 47% of consumers abandon in-store purchases when they cannot pay with physical money, while half of them think that organisations that do not accept cash are prioritising profits instead of user satisfaction. Individuals highlighted that they feel both inconvenience (54%) and annoyance (52%), as well as anger and complete dissatisfaction (16%) when walking out of a store without purchasing for this reason.
When commenting on the research, representatives from PayComplete highlighted that retail, hospitality, leisure, and tourism businesses that plan or already implemented a cashless strategy, notably those that claim to be driven by Environmental, Social & Governance (ESG) principles, should reconsider their decision. The reactions that consumers presented towards not having cash a payment method, merged with the link between physical money and social inclusivity, is set to pose complex questions for those aiming to go entirely cashless.
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