By Jeff Adair, Editor
The future of payments in a world that continues to be affected by Coronavirus as well as the state of the cashless payment industry were discussed in a recent webinar by Carly Furman, CEO of Nayax and Jeff Beach, VP at Visa.
What Is Driving The Increased Use Of Cashless Payment Systems?
Vending, micro-market, and business owners across the United States knew that the use of cashless payment options was on the rise before Covid-19 but, has the pandemic increased the use and demand for this option?
The answer to this question is yes. Consumers are of course eager to avoid touching surfaces whenever possible and that is one of the primary reasons why they are open to cashless payments. Besides this reason, the use of cashless payments has risen in the United States because the average consumer either has a card or phone in their pocket that they would prefer to use for payments instead of traditional currency.
“Contactless payments have become a preferred payment method in unattended retail” – Jeff Beach
Most consumers stopped carrying cash before Covid-19 so it’s been a natural fit for them to adapt to using cashless payment options for their other transactions, especially in the unattended retail space where cashless payments have been one of the core reasons why this part of the vending industry has succeeded.
Besides helping a business to increase its sales, cashless payments have also been found to offer added benefits to the business as well including being more weather resistant than traditional swipe to pay options.
