Preparing for cashless shoppers
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More and more retail customers are using contactless technology, if this continues to rise cash could soon be a thing of the past.
In the past few years there has been a change in the way consumer's purchase, with the UK Cards Association noting just over one billion contactless transactions were completed in 2015.
Apple Pay has been in use in the UK since last summer and Android have become the latest to come on board with Android Pay, meaning thousands of retail outlets are now accustomed to customers using their phones to pay.
One of the key benefits of mobile payments over contactless is the ability to spend above £30, thanks to enhanced verification methods. However, only a small number of retailers currently allow for this.
Pippa Glucklich, chief executive of media agency Starcom says: "Retail brands that lead the way in a cashless society will be those who tackle the concerns and issues as well as seeing the positive side of a contactless world."
The main obstacle retailers will need to overcome in a cashless world is integrating technology effectively into their businesses.
"Many mainstream retail brands have already embraced the new technologies that enable contactless payments, and have provided many customers with a clear path to purchase," says Glucklich.
"However, local and smaller independent retailers will be most exposed in the future as going cashless will ultimately require investment into new technologies, meaning all new retailers must build this into their business model from the outset."
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