Following the introduction of the latest polymer notes earlier this month, advances in physical currencies have made UK consumers more confident when it comes to cash, research by Glory, a cash technology solutions provider, reveals.
Reportedly, 56% of UK shoppers believe the introduction of new polymer notes and the new £1 coin have made cash more secure.
This is just one of the findings in the Cash Connections Report, which suggests that, inspite of the growing number of electronic, mobile and contactless payment options available, UK shoppers still value the role of cash in retail environments.
Original research, which polled 1,500 shoppers in the UK, US and Australia, shows that 86 percent of consumers are comfortable using cash and 48 percent still use cash on a daily basis. Over half (58%) of UK consumers use cash now just as much or more than they did a year ago.
Security, convenience and choice were important factors for consumers choosing cash payment options. Only 16 percent rated any other form of payment more secure than cash and 61 percent said they trusted cash over mobile forms of payment. At the same time 55 percent reported that they don’t like handing over their cards to a cashier to make a contactless payment. On convenience, nearly two thirds say they will use whatever payment method is easiest at the time.
While contactless payments have become more important as transaction limits have been increased, in the UK 90 percent of consumers will typically use notes and coin for transactions up to £50.
Commenting on the report finding, Sion Roberts, Executive Vice President, Global Retail, at Glory Global Solutions, said:
“Cash remains a trusted payment method. It clearly has a strong place in shoppers’ hearts – and wallets – and will have for many years to come. This has important implications, as it is still being handled inefficiently and insecurely within many retail environments and this is something that needs to be addressed as a matter of urgency.”
For more information on how retailers can better optimise their retail cash chain, download the full report: http://campaigns.glory-global.com/en-gb_cash-connections