December 28, 2020
The Cashless Or Contactless Payments:
There is a famous proverb in English that time will not wait for us, we have to move with time. We have to analyse and see the direction of the wind, to flow with it. In the same way, we are living in the world of digitalization which means that if we have an option to make the payment through the card, then why to keep cash in our pockets.
Millions of people in the UK have adopted this change and they are happy to live cashless life. In this pandemic situation, it is always a wise decision to change society into a cashless one. There is a drastic decline in the usage of cash after the introduction of contactless payment.
In 2020, the top 5 cities where the contactless payments have increased by more than 10% includes St Albans, Halifax, Brighton, Bristol and Cambridge.
The suppliers like Apple, Google and Samsung Pay took a backseat as UK people have clearly shown their much more interest in using contactless payment methods. According to the survey conducted, the cities like London, Bristol, Manchester, Edinburgh and Brighton are the ones where we have seen an increase in the usage of Google/Apple Pay payments. However, in comparison with contactless payment, the usage is much less.
Nowadays, customers have become more vigilant and for safety purpose, they don’t want to keep their bank details on their mobile phones. Therefore, in the year 2020, the usage of contactless payment cards was increased by 79.15% in comparison with Apple and Google pay.
Importance Of Cashless Payments In The Pandemic Situation:
We all are aware of the fact that how badly has Coronavirus shaken the world and the effect on various businesses due to this. Hence, many businesses have stopped to take physical cash and as a precaution to stop the spread of germs, they are more in favour of accepting cash through contactless payment methods.
In the coming days, we can expect a decline in cashless payments. Also, the contactless cards as well as mobile payments compete with each other to gain the share of consumer habits.
While cashless payments were likely to continue to steadily grow in popularity, the coronavirus pandemic accelerated this trend. In other words, we can say that it has helped us to move an inch closer to become a truly cashless society. The education and support from businesses play a major role in turning society into a truly cashless one. It has to be shown that without physical cash, people can live in the world. And there need to be solutions from businesses that will encourage them to use cashless transactions.
The above information provides a comprehensive understanding of consumer behaviour across Britain and suggests that the UK is edging closer to becoming a cashless society. The coronavirus pandemic has taught us to survive in a cashless economy. The business owners reported an increase in contactless payments which is a good idea keeping the current situation in mind.