UK consumers are amongst the worlds most vociferous and tech savvy, thanks to technologies such as fibre-optic broadband, 4G mobile phone networks and payment technologies such as mobile Chip & PIN.
New research findings published by WorldPay Zinc show that over three-quarters (77 per cent) predict certain coins will be discontinued within the next ten years, and that cheque books will cease to exist (76 per cent). Nearly two-thirds of people (60 per cent) believe that they will regularly buy purchases via their mobile handset or other card payment methods.
The research, which interviewed over 5000 people, also revealed that a growing number are increasingly open to the idea that high-tech payments could be used in a mainstream market. Nearly half of people (48 per cent) believe they will be using fingerprint recognition systems to authorise the payment of their household grocery shop and over one third (39 per cent) predict that they will be relying on their genes to rush through the paying kiosks, using facial recognition or iris scanning technology. 32 per cent of respondents believe that they will be able to speak to pay- utilising voice command payment systems.
Geraldine Wilson, Managing Director, WorldPay Zinc, commented: “Consumers are falling out of love with cash. 72 per cent of consumers now find card payments to be much more convenient; largely due to Chip & PIN technology being trusted by both merchants and consumers alike. As new technologies continue to emerge, predictions about future methods of payment – from finger prints to iris scans – are reflective of the fact that one in three people would simply feel much safer if they didn‘t have to carry cash around with them anymore.”
Many consumers are consciously choosing a supplier that accepts card payment over one that does not, as they form a negative impression (72 per cent) or consider it as a sign of poor customer service (28 per cent).
Wilson continued: “Consumers increasingly want the choice of how to pay, with many choosing card over cash. The challenge for sole traders and small businesses is to keep up-to-date with the changing payment trends. Our research shows that those who do will be better placed to increase their sales, whilst saving themselves time and energy chasing payments.”