“The number of purchases using debit and credit cards has more than doubled in the past 10 years, as contactless payments and online retail have driven a change in the way consumers pay, a new report from The UK Cards Association shows.”
The way we spend money is changing rapidly. We no longer have to traipse to the ATM to withdraw cash before going shopping. We can pay using various different options such as through our mobile phones, contactless debit cards or even through apps on an iwatch, making the way we spend far more instant to meet the requirements of the changing demographics of today’s consumer.
I rarely carry cash and find myself apologising when making a purchase for a few pounds and having to use my debit card. However the truth of the matter is that it probably takes less time to pay using a contactless debit card than paying using cash!
The end is nigh…
The way we spend and the way we are able to access our banking information is now more instant and convenient than ever, meeting the needs of the Millennial generation who fully utilise the technology offered in order to get access to their cash. It has been said that through using the technology available Millennials could spell the end of the ATM by 2035 or thereafter (targetmarketingmag).
There are many countries where officials are trying to make paying by cash a thing of the past. A recent article on the bbc website states that ‘cashless payments are cheaper, safer and more convenient’.
Just the physical moving of cash around costs money and has an impact on our environment. Ironically it also costs businesses money to deposit cash into a bank account! Surely it makes sense to move to a cashless society…
Not just better for the environment but better for the way consumers spend. Consumers now have confidence in technology….most of us don’t remember the time where we couldn’t use a debit or credit card as a payment method….or where we had to have cash in our pockets……..and frankly with the introduction of the plastic £5 and £10 notes that fall out of your pockets or purses at every available opportunity, paying with cards definitely seems like the safer option.
The use of prepaid cards is also now on the increase. A much safer way of giving and spending money, without the security risk associated with giving cash or vouchers as a reward, they are fast becoming the reward mechanism of choice.
The Universal Card supplied by Mando is one such solution. Whether a one-off prize or gift card, or maybe a reloadable prepaid card offered as an employee benefit, it is clear that with the demise of cash, prepaid cards are fast becoming an alternate payment solution.