UK Likely To Bid Farewell To Cash
In this zippy world today, things have been getting more comfortable and quicker, especially in the case of money-dealings. Cashless payments have been the trend and will continue with greater magnitude. Today, consumers turn up at the market places just with a card to shop anything. About 70% of the UK’s monetary transactions are presently cashless, as the cards are in action. Developments take place even in these plastic money devices. Though this contactless payment technology first appeared about a score of years ago, it has become the trend in recent years. The consumer has only to hold the card in front of the card machine or tap on it and get the payment approved.
Latest reports – Top cashless locations in the UK
A recent study of the modes of retail payments in various parts of the country revealed a comprehensive report highlighting the UK’s locations witnessing a huge number of contactless payments. It has been observed that, in the year 2019, Southend-on-Sea emerged as the place with the highest amount of contactless payments. Other cities of the UK like Twickenham, Kingston-upon-Thames, Jersey, Bristol, etc. were found to be following Southend-on-Sea.
North and South far apart.
Among the top 10 cashless cities, all the places are from southern parts of the UK except the only northern city, Leets. However, this doesn’t imply that the contactless payment system is non-existent in the Northern cities. This mode of payment is widely encouraged all over the UK. The acceptance is relatively more conspicuous in the southern parts. The fact that over 1,200 ATMs were done away with over the country indicates the people’s lack of interest in withdrawing cash and their inclination towards cashless payments.
Tourist attractions have the upper hand in the UK.
Places with a good deal of tourist traffic, especially overseas tourists, are likely to stand ahead in the race of cashless payments. In these places, the merchants, to make the payment process easy for the tourists, prefer to get it done through a contactless card machine. This way, the foreign consumers need not face the currency issues and instantly pay with a simple tap of a card or through their mobile phone that holds the card information. Being a tourist attraction is one of the primary reasons that Southend-on-Sea stands atop.
Be a smart merchant.
Despite the cap limiting the amount to £30 per each transaction, the significant number of contactless transactions reflect the consumers’ readiness to use the cards for small payments. Although the report shows a gap between the northern and southern parts and a relatively lower cash payment behavior, a merchant need not pay much attention to the difference. Whether the business lies in North or South, upgrading to the contactless payment mechanism is recommended. Because, even if you are a merchant operating in the northern UK, it is not going to take much time for the ebb of contactless cards to splash in your place. So, be an impressive businessman/businesswoman; be ready for the change. And if you are a merchant in the South, you would surely want the contactless card machines at your sale terminal.
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