News & Insight

More businesses going cashless in favour of card payments

Charlotte Harwood

With a shift towards convenience, more businesses are saying no to cash and only taking card.

Within the last few years, we’ve seen a real shift towards more convenient ways of paying for goods and services, with technology advancing to make way for a cashless society.

It used to be that shops up and down the country would display signs proclaiming ‘cash only’, but these days it’s gone the other way. With more and more consumers ditching cash and opting for the ease and convenience of card, there’s a new trend towards businesses only taking card payments.

This rapid increase is thanks in part to the emergence of contactless technology. According to the UK Cards Association, 81.5 million contactless cards were issued in the UK as of January 2016, with an average of £1,107.3m spent in the UK that month via contactless. With 135.8 million contactless transactions made in January alone, we can expect that figure to rise exponentially over the next few years as consumers favour the simplicity and speed of ‘touch and go’ contactless payments over the comparably time-consuming task of counting out cash and receiving a handful of loose change.

But it doesn’t stop there. With new technologies like Apple Pay giving consumers the added convenience of not even having to carry their cards with them, we can expect to see a cultural shift towards contactless and mobile card payments, with cash becoming obsolete.

So what does this mean for small businesses? In short, it means that it’s time to get on board with card payments now more than ever. With the vast majority of chain stores offering their customers contactless and card payment technologies, small businesses that haven’t already got card terminals and contactless payment options in place need to seriously consider it. And with XLN, you can enjoy all the latest card payment terminals and security at a price that won’t break the bank.

Find out more about card processing from XLN