Like it or not, the UK is moving towards becoming a cashless society. In 2020, it was found that a mere 23 percent of transactions in the previous year had taken place with cash. The figure had declined by 15 percent on the previous year, highlighting how the number of people using physical money is diminishing. Swindon business owners need to prepare for this future, and could even offer incentives to help facilitate the transition to digital forms of payment.
Why Is a Move Towards a Cashless Society a Good Thing?
Going cashless can be hugely beneficial for businesses, as it would remove a lot of problems involved with physical currency. For one thing, if there was no money on a premise, there would be no chance of people trying to steal from the till.
Another reason why people should welcome the move towards digital payment systems is to do with hygiene. Various studies have found that money is absolutely teeming with bacteria. Because notes and coins get passed around from person to person on a regular basis, they represent the perfect vehicle for viruses and protozoa to spread around easily.
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The main way to convince end users to go cashless, though, is surely the convenience of it all. They simply need to carry a card or a phone around with them and don’t have to stuff their pockets or handbags with money that could easily be lost. For business owners, digital transactions mean fewer losses, as there is no chance of giving someone the wrong change. These forms of payment are also easier to organise and keep track of.
Some Online Businesses Provide Bonuses Upon Registration
Business owners who want to get things moving and encourage their patrons to start using digital forms of payment could take some inspiration from online businesses. For obvious reasons, cash can’t be used for transactions on the internet. This has led to a wide range of different payment systems, but online companies can encourage people to use certain methods.
The online casino industry is a prime example of a sector that welcomes varied payment methods. However, card payments can be easier to process so these are often encouraged. According to Bonusfinder, a company that evaluates various online casinos, there are plenty of sites that offer free spins on card registration. Credit card users can also collect reward points from using their cards online at e-commerce sites and so forth, and this can be an incentive to pay by card. These can be used to get discounts on everything from flights to meals.
Swindon business owners who want to reduce the amount of cash they handle could consider replicating these schemes to get people to use cards. Instead of free spins or points, they could provide small discounts to card users. It would be best to start preparing now, as the whole country could be cashless in another ten years.