Skip to content
Search
AI Powered
Latest Stories

'Cash payment option key for customer satisfaction'

'Cash payment option key for customer satisfaction'

iStockphoto

A vast majority of consumers still feel cash is their most widely used payment method while most consumers carry cash in case of an emergency, shows a recent survey.

According to "Why Won’t Cash Just Die?!!", a new research report from PayComplete, surveying 5,000 consumers from the UK, US, Germany, France, Italy, and Spain, 89 per cent of consumers surveyed consider the ability to pay in cash as important for their customer satisfaction. 90 per cent of consumers surveyed said that cash is their most widely used payment method


One of the strongest drivers for cash use is its close association with the community, from protecting favourite shops to education and social inclusivity, states the survey report. Cash continues to be a beacon of reliability in difficult situations with over two-thirds (69 per cent) of consumers surveyed carrying cash in case of an emergency.

More than three-quarters of consumers (81 per cent) say that they use cash to minimise data sharing while over a third (34 per cent) of those surveyed prefer using cash to manage their spending.

The report warns that organisations that tell customers that they can’t pay with cash are igniting negative emotions. These feelings range from disappointment (31 per cent) to frustration (21 per cent), and even anger (17 per cent).

One in three (33 per cent) cash users fall within the 25-44 age range, and nearly two-thirds (60 per cent) belong to the mid-range income brackets, earning between £19,000 and £63,999.

“All the noise around the death of cash is just that. While digital and electronic payment providers have been quick to kill and downplay the importance of cash in consumers’ lives, our research shows it continues to hold a significant place in the payment ecosystem, customer satisfaction, and in maintaining and strengthening communities,” said Simon James, CEO of PayComplete.

“Over half (59%) of cash users believe that the ability to pay with physical money supports the inclusivity of all members of the community. While a similar number (52%) agree that cash will continue to have a prominent place in society for the foreseeable future. Businesses that turn their back on cash risk being seen as undermining local communities.

“Saving businesses from card processing fees is not the only reason people stick with cash in the community. Our research shows that education and social inclusion are equally strong motivators. In fact, nearly two-thirds (62 per cent) of consumers believe using physical cash helps children develop financial management skills and track their spending.

“Teaching the next generation about money is critically important. Yet, research from the Money and Pensions Service has found that less than half of children aged 7-17 in the UK have received a meaningful financial education. Using cash as a tool to help educate children can help offset this trend.”

More for you

iStock 1091723364
iStock image
iStock image

Diets present 'highest say-do gap'

There exists a huge gap between public's intention and actions when it comes to health and wellness with cost being a major deciding factor, shows a recent report, also highlighting a shift in how people structure their meals and attitudes towards global mental and physical health.

Kantar's Who Cares Who Does: Decoding Wellness further adds thatwhile 62 per cent see processed food as harmful, only 37 per cent actively avoid it. It’s a similar pattern for sugary drinks: 73 per cent see them as harmful, but fewer than half (48 per cent) are cutting back on products high in sugar.

Keep ReadingShow less
Global food prices rise to highest level in 18 months

iStock image

Global food prices rise to highest level in 18 months

Higher prices for staples such as vegetable oils, wheat, cheese and sugar have pushed global costs to their highest level in 18 months, signalling more pain ahead for shoppers.

The UN Food and Agriculture Organization’s (FAO) food price index rose to 127.4 in October — the highest level since April 2023. The figure, published on Friday (8), was up 5.5 per cent from October last year. Prices for food commodities have risen steadily since the start of the year.

Keep ReadingShow less
New report outlines path for food sector to achieve emission reduction

(Photo by Leon Neal/Getty Images)

New report outlines path for food sector to achieve emission reduction

The Institute for Grocery Distribution (IGD) has released the report, "A Net Zero Transition Plan for the UK Food System", providing a framework for the food sector to achieve 70 per cent emissions reductions in agriculture and to fully decarbonize heat, electricity and transport.

Commissioned by IGD and developed by consultants EY and WRAP, the first of its kind report provides an independent, evidence-based view for how the UK food system in its entirety, can reduce Greenhouse Gas emissions in line with a 1.5degree SBTi outcome and to meet the UK’s legally binding national target.

Keep ReadingShow less
iStock 1140608688
iStock image

'Gap closing between branded and own-label items' as FMCG spending rises

Shoppers' spending on FMCG saw a rise in the third quarter of this year, shows a latest industry data, revealing a narrowing gap between own-label and branded products as the growth rates indicate shoppers are now starting to treat themselves to small indulgences again.

According to latest NIQ Retail Spend Barometer, value growth in the FMCG sector was driven by an uptick in the personal care (+10.7 per cent), homecare (+8.7 per cent), fresh food (+5.8 per cent), and snacking (+5.1 per cent) categories. Beverages returned to growth (+2.1 per cent), from a decline of 0.9 per cent in Q2. Meanwhile, the biggest declines were experienced in tobacco (-7.9 per cent) and paper products (-4.1 per cent).

Keep ReadingShow less
Footfall Surges with Halloween, Diwali Celebrations

(Photo by Alishia Abodunde/Getty Images)

Footfall Surges with Halloween, Diwali Celebrations

Halloween combined with Diwali celebrations and early fireworks events proved a blessing for retailers as the two boosted footfall across all UK destinations for the second consecutive week.

MRI Software data shows that footfall rose by +6.9 per cent last week compared to the week before in all UK retail destinations; high streets drove much of this rise with an +8 per cent rise in footfall recorded, followed closely by shopping centres (+7.9 per cent). Retail parks also witnessed a week on week rise however this was much more modest at +3.3 per cent.

Keep ReadingShow less