Nearly two-thirds of people (60%) believe they will regularly buy purchases via their mobile handset or other card payment methods and 48% believe they will be using fingerprint recognition systems to authorise the payment of their household grocery shop.
Those are among new research findings published today by WorldPay Zinc and show the strength of the UK consumer’s appetite for adopting the latest and most efficient payment services to complement their fast moving lifestyle.
Over one third (39%) predict they will be relying on their genes to rush through the paying kiosks, using facial recognition or iris scanning technology, while 32% of respondents believe they will be able to speak to pay; utilising voice command payment systems.
Over three-quarters (77%) predict certain coins will be discontinued within the next 10 years, and cheque books will cease to exist (76%).
WorldPay’s survey of over 5,000 UK consumers, ahead of its launch of WorldPay Zinc, a mobile pay as you go Chip & PIN card payment service for small businesses, found respondents predict a vastly different point of purchase scenario from today’s mix of card and cash payment options.
Geraldine Wilson, managing director, WorldPay Zinc, said: “Consumers are falling out of love with cash. 72% of consumers now find card payments to be much more convenient; largely due to Chip & PIN technology being trusted by both merchants and consumers alike. As new technologies continue to emerge, predictions about future methods of payment – from finger prints to iris scans – are reflective of the fact that one in three people would simply feel much safer if they didn’t have to carry cash around with them anymore.”
Many consumers are consciously choosing a supplier that accepts card payment over one that does not, as they form a negative impression (72%) or consider it as a sign of poor customer service (28%). Nearly one fifth of people consider non acceptance of card payments as a sign of a business being unprofessional (19%) and, in the past year, one in five (20%) of consumers have abandoned a purchase as a result.
Wilson said: “Consumers increasingly want the choice of how to pay, with many choosing card over cash. The challenge for sole traders and small businesses is to keep up-to-date with the changing payment trends. Our research shows that those who do will be better placed to increase their sales, whilst saving themselves time and energy chasing payments.”