Research into payment trends carried out for business technology firm First Data has revealed that half of Scottish customers would walk away from a purchase if cash were the only payment option.
First Data said the findings show the importance for businesses to offer multiple payment options.
The research was conducted with 1,000 UK customers by OnePoll for First Data.
The research found that:
- Half of Scots would go somewhere else to make the purchase or not make the purchase at all if cash were the only payment option
- 40% of Scots agree they’d be ready to abandon cash if society went cashless with more than half (59%) of customers in Scotland saying they prefer to pay by card
- When they do use a contactless card, 96% of Scots prefer to do so because it’s faster and 26% do so because they don’t have to remember their pin
When customers in Scotland were asked about the negatives of paying with cash, the research found that 56% said it was having to visit ATMs, 37% said cash can be easily stolen, 26% said they cannot easily keep track of money spent, and 42% said their wallet, purse or pocket can become too heavy.
Raj Sond, General Manager at First Data, said: “Time pushed, busy consumers are looking for a fast, hassle-free shopping experience.
“Convenience is paramount, and a smooth payment mechanism is vital in being able to offer a tailored, seamless service.
“With multiple shopping options on the high street and online it’s all too easy for potential customers to take their business elsewhere.
“Successful companies would be wise not to make assumptions about what their customers want.
“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.
“Payment is a crucial part of the customer journey and experience and cannot be ignored in the quest for growth and loyalty.”