Two thirds of Britons would rather use a credit card than cash, a new report (opens in new tab) by Heavenly Online Accountants says. Another interesting takeaway from this report is that the UK is home to more than 92 million contactless cards.
All of this points into the same direction – not only are the days of cash coming to an end, but payment through different cards, chips and similar technology also has its days numbered. Heavenly says the future of finance lies in contactless body payment.
This revolution in finance will be made possible thanks to a couple of different technologies, including NFC (near-field communications), cryptocurrencies, digital cards, biometrics and microchips.
“When consumers en masse start becoming accustomed to a new and efficient way of paying, they will seek out retailers who offer this type of payment,” says Clare McCullagh, Managing Director at Heavenly Online Accountants.
“As such, any who do not offer it will likely be left behind, as customers actively avoid shops who, for example, only accept cash.”
By the time we reach 2020, all POS (point of sale) devices will have to be contactless. Heavenly says it would be ‘wise’ to get ahead of the curve early. If businesses weigh all the pros and cons today, they won’t risk being overtaken by tech-savvy, forward-thinking competition.
“Businesses must stay ahead of the curve in order to avoid isolating their customers and ensure they stay as profitable as possible.”
Speaking of pros and cons, Eugene Chereshnev, Global Director at Kaspersky Lab says businesses need to keep both eyes open for scammers and hackers. In a system in which paying by blinking would ‘literally’ be possible, organisations will need to work extra hard to protect both themselves and their customers.