54.66% Say Cashless Society Will Boost Sales for Businesses

Multiple cutting-edge innovations in technology are slowly leading to the shift to a cashless society. Many variables, such as lower crime rates, lower expenses, and convenience, are all contributing to the rise of a cashless society. However, many are wondering if a completely cashless society is good for the future. After all, finding from a previous survey, insights show that over 55% feel cash Is the most effective payment method.

Hence, Real Research conducted a survey on consumer payments trends and the most popular payment method for consumers. To highlight, the survey on consumer payment system adoption by corporates and business owners leading to a cashless society focuses on opinions over the popularity of a cashless society, possible advantages, disadvantages, and much more. Here are the results.

Highlights

• 55.76% of respondents use wired card machines.
• 56.33% are influenced to install payment devices via word of mouth.
• 61.14% are concerned with card machine installation costs .

Thoughts About Consumer Payment System Adoption

The survey starts by asking about the respondents’ occupation. In reply, 50.06% are business owners/self-employed, 22.44% are office workers, and 7.32% are manufacturing workers. Accordingly, the survey asks ‘does your business use card payments?’. In reply, 63.38% say ‘yes’ while 31.62% say ‘no’.

Furthermore, respondents reveal all payment methods currently used in their business. The majority mainly use cash (43.94%). Meanwhile, 12.01% use credit cards while 11.37% use debit cards. Likewise, bank transfers (10.12%), digital wallet platforms such as Apple Pay, Google Pay, or Paypal (7.17%), local currency (4.09%), and cryptocurrency (2.99%).

Next, the survey asks respondents what payment methods they most prefer their consumers to pay with. To this, 63.39% say cash and 10.45% say credit card, and 7.18% say digital wallet platforms such as Apple Pay, Google Pay, or Paypal. In addition, 5.92% say debit card, and 5.29% said cheque. Lastly, 5.15% say bank transfer while 1.99% say cryptocurrency.

Accordingly, the survey asks what is the most important factor to consider when installing a payment device? Above all, respondents chose installation cost (63.30%). Following after, device performance (15.01%), the convenience of operation (12.22%), positive testimonials (3.92%), and brand awareness of the device (2.40%)

Next, the survey asks, what payment device are you currently using for your business? Respondents say they use wired card machines (55.76%), portable card machines (19.67%), POS machines (16.64%), and kiosks (7.92%).

In detail, the survey then asks respondents how long they have been using the payment device they are currently using for their business. On this, 57.44% say less than 2 weeks, and 15.88% say more than 1 year. Accordingly, the survey asks what influenced them to install the payment device they are currently using for business. Here, respondents reveal the top 3 — word of mouth (56.33%), advertising (20.76%), and recommendations from friends and family (11.70%).

Next, the survey asks, what is the source of information for the payment device respondents are currently using for their business? In response, device provider’s website (58%), internet surfing (16.41%), consultation with the device provider (15.87%), talking with friends and family (4.86%), and customer testimonials (4.63%)

Furthermore, the survey asks how much can one pay when installing a payment device? Here, 54.62% say less than $50, 24.88% say $50-$100, 9.42% say $101-$300, 4.34% say $201-$300, and 3.70% say more than $501. Next, the survey asks, if there is a correlation between the sales of respondents’ business and payment devices. To which, respondents say not at all (52.12%), neutral (20.96%), likely, (11.40%), and unlikely (8.88%).

Views on Card Payments and Payment Operations

Next, the survey asks respondents about their satisfaction with the communication status of the payment divide they are currently using for their business? On this, 49.48% say they are highly unsatisfied and 7.14 are unsatisfied. In contrast, 13.16% say they are satisfied, and 3.95% are highly satisfied. 

Then the survey asks how satisfied they are with the chip reading of the payment device the respondents are currently using for their business. In answer, 46.32% say highly unsatisfied and 7.76% say unsatisfied. Meanwhile, 13.63% say they are satisfied and 4.30% are highly satisfied.

Similarly, the survey asks how satisfied respondents are with the convenience of the operation of the payment device they are currently using for business. In reply, 46.44% say highly unsatisfied and 7% say unsatisfied. In contrast, 14.24% are satisfied and 4.60% are highly satisfied.

Additionally, the survey asks how satisfied the respondents are with the payment device that they are currently using. In response, highly unsatisfied (39.85%), unsatisfied (10.24%) , satisfied (15.48%), and highly satisfied (5.26%).

Next, the survey asks, how satisfied they are with the installation of card machines? In reply, card machines are not used in my business (38.47%), neutral (27.99%), and satisfied (14.05%). Whereas, 10.24% of the respondents are highly unsatisfied and 4.68% are unsatisfied.

Furthermore, the survey asks respondents, what is the most important factor in installing a card machine? On this, respondents chose no installation cost (61.14%), quick consultation for installation inquiries (18.79%), and quick visits and fast installation (11.75%). Whereas, some chose the friendliness of the device installer (7.95%)

Carrying on, the survey asks what payment device did respondents consider installing besides card machines? The choices are as follows, card machines are not used in my business (51.57%), POS machines (32.60%), and kiosks (14.89%).

Next, the survey asks why they didn’t install card machines? To which 55.78% say card machines are being used in my business. Likewise, 27.92% say financial burdens, 9.65% say incurred additional expenses for membership/installation/site, 3.60% say the complexity of card affiliate, and 2.20% say the penalty for early contract expiration.

Then the survey asks, what is the most important factor for a card machine? On this, 56.25% say a widescreen, 16.40% say user-friendliness, and 14.69% say large battery capacity. On the other hand, 4.53% say they sync with other devices snd 3.41% say the convenience of operation. Furthermore, the survey asks, what is the popular payment method for consumers? Here, 54.57% say cash, 15.94% say credit card, 10.72% say cheque, 8.03% say debit card, 6.99% say digital wallet platforms, and 2.86% say bank transfers. 

The Final Verdict: Cash vs Card Payments

On the matter of consumers asking for a receipt, 49.12% say nobody asks for a receipt. Meanwhile, 23.29% say 30% of consumers ask for a receipt. In addition, 13.83% say that 50% of consumers ask for receipts. Lastly, 7.53% say that 80% of consumers ask for a receipt.

Next, the survey asks about the advantages consumers enjoy when paying by card. In answer, less hassle of change (55.52%), less burden of taking care of cash (16.25%), and less hassle of money exchange at banks (9.38%). Also, shorter payment time (8.83%), simple payment process (7.47%), and convenience of managing transactions (2.36%).

Similarly, the survey asks about the disadvantages consumers face when paying by card. Here, the burden of fees (63.60%), concerns about communication errors (18.84%), monopoly of private payment service providers (9.88%), and delays in payment transactions (7.33%).

Next, the survey asks about raising card processing fees. To which, 46.33% feel extremely negative, 26.28% feel neutral, 15.06% feel negative, 7.38% feel positive, and only 2.48% feel extremely positive.

Furthermore, when the survey asks about the transition to a cashless society, 36.24% feel extremely negative, 28.69% feel neutral, 16.74% are positive, 8.34% feel negative, and 7.43% feel extremely positive.

Continuing on, the survey asks how will a cashless society affect business. Here, 54.66% say it will increase sales while 13.74% say it will maintain current sales. In addition, 8.03% say no effect, and 1.85% say they haven’t thought about it.

Next the survey asks, what is the most noticeable change in respondents’ business with the launch of a digital wallet platform? In answer, change of payment (52.92%), shorter payment time (18.43%), simple payment process (17.27%), nothing in particular (6.58%), and less burden of card processing fees (4.55%).

The survey then asks about the spread of using digital wallet platforms for local gift vouchers. On this, respondents feel extremely negative (31.30%), neutral (25.40%), and positive (16.56%). In fact, some even feel extremely positive (6.64%).

To conclude, the survey asks respondents what they think about the fee regulation of digital wallet platforms? In reply, 30.45% feel extremely negative, 27.48% are neutral, and 14.57% are positive. Lastly, 6.68% are unsure, 6.33% are extremely positive, and 3.82% still haven’t thought about it.