Despite the influx of information surrounding the growth of mobile payments, NFC payments and the call for EMV to be fully introduced into the US sooner rather than later, it seems that the number of cash-based payments is actually increasing.
According to a study by the UK Payments Council, a growing number of consumers and businesses are favouring cash over cards when making everyday transactions.
Around 20.8 billion cash payments were made during 2012, compared with the 20.6 billion in 2011. Cash payments accounted for 54 per cent of all these transactions.
Cash machines also grew in number across the UK to 66,000 across the nation, with 46,069 of them being completely free to use.
So, why the rise in cash-based transactions?
UKPC believe that this could well be because more people are being careful with their spending. By taking out cash and paying that way, they can see how much money they actually have available to them, instead of just placing it on their card.
“Cash is still a vital part of our day-to-day lives, and more than half of all our payments are in cash,” said UKPC’s head of cash David Hensley, “reflecting its easy use and its wide acceptance.”
Of course, if more merchants were interested in adopting mPOS devices for their stalls, and NFC integration was higher than it currently is, perhaps mobile payments and card payments could win out due to their widespread ease of use.
It’s still far preferable to pay by cash at a bar due to so many having minimum charges, so perhaps until those are combatted the dependency on cash may drop instead of rise.
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