The Demise of Good Old Fashioned Cash and Our Changing Lifestyle

Have you noticed how little cash we all carry nowadays?

A few years ago it was a novelty to be able to pay for your shopping with your debit card. No more cash or cheques with their spending limits, it was so much more convenient. Now we buy just about everything with a tap of your card on a terminal. A coffee, a bar of chocolate or a bus ride all paid for via electronic payment technology.

Forgotten your wallet? Even that scenario is no longer a challenge, pay for your shopping with your mobile phone or smart watch.

Debit cards, credit cards and the phenomenal rise of contactless payments means that one-quarter of Brits think they will be able to do without notes and coins with the next five years. Cash is on the way out as growing numbers believe contactless cards and mobile payments will be the dominant means of purchasing goods and services in the near future.

Barclaycard has reported that contactless transactions more than doubled in the past twelve months, as the technology is increasingly being used for everyday transactions.

London is leading the way in contactless payments, in part because customers can use the technology on buses trains and the Underground network. Again according to Barclaycard over 40 percent of transactions are paid for using contactless technology.

This technology is not only for the large retailers though, it is so easily accessible to the smaller shops. It can be the sole means of accessing a product with unattended retailing really starting to take advantage of this technology.

Not only does the advent of cashless transactions create a rejuvenated air of consumer convenience, it is also changing both our spending and eating habits. On average we spend 15% more when paying via a card or mobile device. In the UK demand for 24/7 availability of hot drinks, snacks and chilled drinks is increasing rapidly. On average the population is eating more regularly, and within less formal meal occasions. We are grazing throughout the day and purchasing on impulse with a “see it, buy it” approach.

The FM Taste have a number of machines, retail units and payment methods that will help provide solutions in this ever changing market place. These will be displayed at the Family Attraction Show on stand 1020. Join us for a coffee, we would be happy to demonstrate how these products may be a valuable addition to your retail offer. Ensuring that your business provides the facilities your visitors demand, while simultaneously driving your revenue and profits forwards.

Restaurant Tech Live blog post 1