Did you know only 27% of overall orders in restaurants are paid with cash? Our Industry Insights Report with Nation’s Restaurant News show consumers and the point of sale industry are heading into a future of cashless payments at a rapid rate.
It all comes down to convenience.
Consumers having access to all their life essentials in their back pockets has made convenience a requirement during the payment process. This prompts the question, are consumers steering clear of cash transactions?
Simon Black, CEO of PPRO (E-Payments Specialist), recently sat down with The Fintech Times to share his thoughts on the future of payments. “The biggest change in the payments industry that I have seen is definitely the shift to cashless payment methods and the variety of Local Payment Methods that have come into play to support this trend.”
Businesses must shift to cashless payments to provide a frictionless experience for guests and to stay ahead of the curve. Guests not only want options, but they’re also demanding them. Businesses are implementing omnichannel ordering solutions to give guests ample opportunity to make orders and process payments. These solutions are providing various pay points and an extensive range of payment options.
What does this mean for the payment industry?
In our Industry Insights Report, just over one in four respondents report that their operations offer alternative payment methods including mobile wallet (29%) and EMV (29%). 27% of overall orders are paid in cash. Establishments must shift to cashless solutions to keep up with the demand of consumer payments
Forbes described the pros and cons of a cashless society and what it could mean to our future. Benefits include the opportunity to create alternate currencies and lower crime rates through the anonymity of cash payments. Also, governments and banks could gain greater economic control through monetary policy. Contrarily, a cashless society could lead to potential problems too. These include an increase in crime such as identity theft or modern technology not being compatible with a bank’s old, existing infrastructures.
Businesses need to look at all the areas that may affect their own establishment as society heads toward cashless payments.