The unprecedented changes that COVID19 has brought, have consequentially created a new and different way to pay in society as we know it. Will the rise of contactless payments be here to stay in the UK?
The pandemic has given people every reason to steer away from any source of contamination i.e. cash. This has prompted many retail businesses to put up “no cash” signs. This may not be an inconvenience to many, but certainly sees the adjustment of day to day cash flow. Now, even travelling food trucks can accept contactless cards. Banks have increased the limit on contactless transactions from £30 to £45, with this set to rise in the future.
Finextra reported that in September, contactless accounted for 64% of all debit card transactions and 46% of credit card transactions, according to UK Finance. Using a mobile device to pay for goods is also on the rise. This year 8.3 million people in the UK which accounts for 19.1% of smartphone users have made at least one payment by mobile phone in the last six months. It is thought this number will creep up to reach 25.5% in 2023.
All the signs point to a move to a cashless society. Of course, with that comes huge undertakings for retailers and service providers. Not just having the latest in EPOS, but implementing high quality broadband or getting implementation of effective, online payment services. Whatever investment is need to ensure your business stays accessible to your customers, asset finance offers the flexible finance options. Conserving the cash and spreading the cost makes sense for the cashless businesses looking to make the most of Summer 2021.
Does your business have a suitable solution to those avoiding the notes and coins? All in one till systems, click and collect software and the latest takeaway software - become a GRENKE Partner, you take care of the tech, we will offer the finance solution.
Are you and your business ready? Contact GRENKE today