News

Cash-only outlets 'a turnoff', says new report

08 August 2017

UK consumers are becoming more inclined to swap cash for card and it’s beginning to affect where they shop, according to a new report.

According to research from shopping app Ubamarket, 20% of adults say they 'consciously avoid' shops, restaurants, newsagents, cafés, bars and other outlets that only accept cash.

Ubamarket spoke to nearly 2,000 UK adults about into their shopping habits for the survey and it found that smartphone-wallets are growing, with over a third of millennials choosing to use apps to pay for products.

Nearly half of respondents, around 41%, believe that all payments will be processed via mobile devices like smartphones and smartwatches in the future.

Will Broome, chief executive of Ubamarket, said: “Frustrating out-dated payment systems remain a significant challenge that are ruining millions of shopping trips and therefore must be addressed. Despite the rise of online shopping, it is clear that retailers need to invest in the ins-store shopping experience to maintain shoppers’ loyalty in today’s competitive market.”

There has recently been an upsurge in new payment methods: trade association UK Finance, recently published its figures on contactless payment, saying that more than a third of all payments are now contactless in the UK.

A total of £4.5bn was spent using contactless cards in May this year, compared to £3.9bn in April.