Businesses Say Cash is Here to Stay
Jul 19, 2024
Cash is here to stay, reports Fintech Finance News, saying around six in ten businesses ‘expect to never be entirely cashless’ and suggesting that—given the continued popularity of cash—businesses should be giving it greater attention.
The statistic comes from a research report published by PayComplete, surveying cash processing and management decision-makers within the retail, hospitality and leisure sectors in France, Germany, Italy, Spain, the UK and US. 57 percent said they did not foresee ever going cashless. Despite this, 35 percent said they ‘encourage buyers to use electronic payment methods… despite cash remaining a strong customer preference for payment.’
PayComplete suggests companies place more emphasis on cash to meet consumer preferences, ensuring their cash processes are as efficient and up-to-date as their cashless services.
Cash is alive and kicking in the 21st century. However, organisations aren’t giving it the attention it deserves. Just as card payments evolved from low-tech systems like pen-on-paper slips to magnetic stripes and now fully interconnected electronic systems, cash is having its own digital revolution.
Their key recommendation is to take a dual approach—optimising for both cash and cashless—in order to serve the widest customer base and thus achieve the greatest profits. Fortunately, this business interest aligns with payment choice, which benefits individuals by combining the inclusivity and privacy of cash with the option of using cashless methods, depending on personal preference.