A second Retail NZ survey on the future of cash shows that cash use is declining but still essential for most retailers.
The results show that cash use has declined for many retailers over the past 12 months, but it remains an important payment method at this time. However many retailers can see a world without cash within the next 10 years.
- 41 per cent of retailers report a decline in the value of cash in their business over the last 12 months.
- 47 per cent of retailers report a decline in the proportion of cash transactions over the past 12 months.
- Just 6 per cent of retailers considered stopping accepting cash over the last 12 months.
- 43 per cent of retailers say they think they will consider stopping accepting cash within the next 2-10 years.
- The two most important factors retailers are considering when thinking about giving up cash, are reduced access to cash services through bank, and the risks of viral transmission when dealing with cash (COVID-19).
Cash is essential for most retailers today, however this is likely to change as other payment methods grow in popularity and uptake. If you don’t already accept EFTPOS or have contactless turned on, we encourage you to do so as it is a much better experience for the customer.
For more information, get in touch with us on 0800 472 472 (1800 128 086 from Australia).
Published in the 8 March 2021 edition of Talking Shop.