By Claire West
New research findings published today by WorldPay Zinc, show the strength of the UK consumer’s appetite for adopting the latest and most efficient payment services to complement their fast moving lifestyle.
UK consumers are amongst the world’s most advanced and tech savvy, thanks to technologies such as fibre-optic broadband, 4G mobile phone networks and payment technologies such as mobile Chip & PIN. In a survey of over 5,000 UK consumers, in advance of the recent launch of WorldPay Zinc, a new mobile pay as you go ‘Chip & PIN’ card payment service for small businesses, respondents predict a vastly different point of purchase scenario from today’s mix of card and cash payment options.
Over three-quarters (77%) predict certain coins will be discontinued within the next ten years, and that cheque books will cease to exist (76%). Nearly two-thirds of people (60%) believe that they will regularly buy purchases via their mobile handset or other card payment methods. Nearly half of people (48%) believe they will be using fingerprint recognition systems to authorise the payment of their household grocery shop.
Over one third (39%) predict that they will be relying on their genes to rush through the paying kiosks, using facial recognition or iris scanning technology. 32% of respondents believe that they will be able to speak to pay; utilising voice command payment systems.
Geraldine Wilson, Managing Director, WorldPay Zinc, commented: “Consumers are falling out of love with cash. 72% of consumers now find card payments to be much more convenient; largely due to Chip & PIN technology being trusted by both merchants and consumers alike. As new technologies continue to emerge, predictions about future methods of payment — from finger prints to iris scans — are reflective of the fact that one in three people would simply feel much safer if they didn’t have to carry cash around with them anymore.”
Many consumers are consciously choosing a supplier that accepts card payment over one that does not, as they form a negative impression (72%) or consider it as a sign of poor customer service (28%). Nearly one fifth of people consider non acceptance of card payments as a sign of a business being unprofessional (19%) and, in the past year, one in five (20%) of consumers have abandoned a purchase as a result.
Wilson continued: “Consumers increasingly want the choice of how to pay, with many choosing card over cash. The challenge for sole traders and small businesses is to keep up-to-date with the changing payment trends. Our research shows that those who do will be better placed to increase their sales, whilst saving themselves time and energy chasing payments.”