Connecting to LinkedIn...

Co-Op customers contemplate cashless shopping


A recent survey of Co-Operative shoppers revealed a common belief that in a few years paying with cash may be a thing of the past.

The survey, orchestrated by The Way We Pay, was aimed at a sample of 2,000 Co-Operative customers. The results revealed that 65% believed that they would only need a mobile phone to purchase with by the year 2025, despite the fact that two thirds of transactions at the Co-Op are currently made using cash payments.

“As our research shows, shoppers predict thr death of the wallet in 2025, as 65% believe their phone will be all they need to pay for daily goods in the future,” the report said.

The Co-Operative was the first retailer to launch cashless payment points, rolling out 12,000 to 2,800 outlets in 2014. Though contactless payments have consistently increased in popularity, a large number of shoppers remain wary. For example, despite a contactless spending limit of £30, the report showed a number of customers using chip and pin payments for baskets worth over £10, largely due to trust issues.

“Cash is still king as people enjoy carrying money,” said Retail Chief Information Officer at The Co-Operative Group Cheryl Marshall. “However, we predict that by 2025 mobile payments will overtake cards and cash.”

Published on Tuesday 19 April by Philip Gallagher

Articles similar to The Way We Pay

Articles similar to Cheryl Marshall

comments powered by Disqus