FINANCIAL SERVICES
significant shift in consumer attitudes – even for those with access to other payment methods .”
He points out that eCash is a solution with the capability to bridge the gap . eCash provides a barcode-based cash-in / cashout infrastructure utilising existing retail locations like supermarkets or kiosks – locations well-integrated into the daily lives and routines of consumers – offering a lifeline to cash-reliant consumers in a digital economy .
“ Lower- to middle-income populations , who are often especially reliant on cash as part of their income ( e . g . taxi drivers , hospitality staff , teenagers receiving pocket money , owners of SMEs such as cafés and bars ), need an easy and cheap way to digitise their cash to make digital financial transactions and pay for products and services online ,” Mueller says .
And it ' s not just about whether or not a cashless world can be achieved , it ' s also about listening to what customers want .
“ We believe that , when it comes to payments , choice is critical and access to cash – as well as the rights of consumers to continue paying in cash – should be protected .
“ The pandemic certainly opened up the payments landscape , but just 10 % of consumers said they ’ d plan to be completely cashless within the next couple of years , which was only a 1 % increase on pre-COVID figures , and 50 % of consumers plan to make at least 25 % of their transactions using cash in the future .”
He concludes : “ Cash still has an important role in society , especially in terms of financial inclusion . At present , industry figures show 1.5 million adults in the UK are unbanked and 2.2 million rely on cash for day-to-day spending .”
74 July 2022