Retailers without digital payment facilities face the risk of losing nearly half their customers as non-cash payments continue to rise in popularity.
New research from First Data has revealed that faced with no card payment options, 43 per cent of shoppers would rather walk away from a purchase or find another retailer than visit a cash point.
A further 59 per cent of respondents revealed that card payments are now their preferred method of purchasing goods.
Half of those surveyed stated that the act of going to an ATM was a deterrent to using cash, while 35 per cent cited the fact it is easily stolen as a turnoff.
Despite this, 69 per cent of over 55s state they still carry cash in case of an emergency and just 20 say they are ready to give up cash altogether, compared with 50 per cent of 18 – 24 year olds.
“Time pushed, busy consumers are looking for a fast, hassle-free shopping experience,” First Data general manager Raj Sond said.
“Convenience is paramount, and a smooth payment mechanism is vital in being able to offer a tailored, seamless service.
“Historically, smaller retailers have been put off by the perceived cost of card acceptance, however when considering the banking time, cost and handling risk when it comes to dealing with cash, the cost of card acceptance is not the prohibiting factor it once was.”