LONDON, Jan. 23, 2025 /PRNewswire/ --
- Consumer loyalty is fragile: 44% of shoppers would boycott stores that don't accept their preferred payment method
- Biometric technology has trust issues: only 47% of people trust businesses to protect data
- Old and young consumers are keeping cash alive. Gen Z, Millennials and the over 65s are more likely to use cash than the middle aged
A survey of UK consumers conducted by Aevi, the company behind the world's first SmartPOS, reveals that despite the rise of digital payments, 36% of people still prefer to pay in cash, making it the UK's most popular way of paying for things.
But retailers that only take payment in cash risk alienating customers. 44% would boycott a store that didn't accept their preferred way of paying, including the almost 30% of people who tap to pay, and the 8% that use a digital wallet.
This is tough for businesses trying to keep customers in a difficult economy, as they need to support varied payment types, and those payments need to be secure. 53% of those surveyed said security was the most important factor when paying.
33% of those surveyed believe biometrics (the use of personal data such as fingerprints) offers the strongest payment security, second only to the 35% who favour chip and pin.
For retailers, this means having a system in place that can use biometric data for identity verification, alongside other methods.
Mike Camerling, CEO at Aevi, commented on these results and on the implications for retailers:
"The findings demonstrate a stark reality for retailers: failure to provide flexible payment options risks alienating nearly half of their potential customers. The fact that 44% of shoppers would refuse to shop at a store that doesn't accept their preferred payment method stresses the urgency for businesses to adapt. At the same time, emerging technologies like biometrics represent a growing opportunity, but small retailers face unique challenges in adopting them. It will take a collaborative effort across the payment sector to educate the public and build trust in these technologies for their adoption to truly scale."
Whilst the exact mix of payment technologies retailers will need to satisfy all of their customers is uncertain, the need for a flexible system that can adapt quickly to changing customer preferences and new technologies will be a must.
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