7th August 2017
Outdated payment systems are driving shoppers away from stores, according to new research from supermarket app Ubamarket.
In a survey of 2,000 adults it found that 20 per cent of people actively avoid shops and restaurants that will only take cash. The same proportion say they favour in-app payments, rising to 34 per cent of 18-34 year olds.
Robert Capps, vice president at NuData Security, says the findings confirm what many retailers already knew.
"Digital-only transactions are merely a matter of time, and very little time at that,” he says. “Instant, frictionless transactions are an order-of-magnitude improvement over carrying and fumbling for currency, and waiting on other customers and the cashiers, and an improvement with enormous residual benefits. The simple transaction histories that digital transactions provide mean the consumer can track and understand their spending patterns. Saving and organising receipts becomes a thing of the past.
"While most expect millennials to readily embrace digital transactions, their ease of use and enduring data capture make digital transactions the preferred purchasing method for consumers of all ages. We just need to ensure that we are providing the most seamless and convenient journey along the way while ensuring the e- and m-commerce organisations are not taking on more risk in that journey. And there are means to do just such a balancing act in today’s digital journey."
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