According to global market research conducted by the World Bank, 74% of retail purchase transactions in 2022 were completed through a cashless payment system. Sentiment surveys conducted among American consumers indicate that 40% are ready to stop using cash altogether. This percentage is even higher in some Asian markets where shoppers have gotten used to the dynamic convenience of cashless payment systems, and they don’t want to go back to carrying change in their pockets.
There is no question that the reality of a cashless society is advancing rapidly. Shoppers are all for it, and many business owners enjoy having cashless options integrated into their Point-of-Sale (PoS) systems. Cashless transactions are generally faster than using cash, so they contribute to shorter lines at the PoS stations and quicker checkouts for both customers and retailers.
When it comes to retail payments, shoppers are showing an inclination towards tapping, swiping, and scanning. Let’s say you get a Venmo notification from a friend who sent you $40 on your birthday with a suggestion to get takeout pizza. Since Venmo also functions as a digital wallet, wouldn’t you like to use your smartphone to pay for your birthday pizza? Many Americans in this situation will make it a point to find a pizzeria that accepts digital wallet payments instead of having to move funds from Venmo to their bank accounts and make ATM cash withdrawals. For this reason, it is safe to say that a cashless option can energize your PoS station.
Want to learn more about the cashless payment revolution and how it can energize your PoS transactions and other retail processes? Visit ARBA Retail Systems arbapro.com today.
