British consumers continue to favour cash as a means of payment, with 74% believing there will always be a role for cash, new research has revealed.
According to a survey carried out by Gloty, a cash technology solutions firm, which polled more than 1,500 shoppers in the UK, US and Australia, 86% of consumers are comfortable using cash and 48% still use cash on a daily basis.
Though electronic, mobile and contactless payments are growing in popularity the research suggests that cash will continue to play an important role for the foreseeable future.
Cash payments came up top as a preferred option due to security, convenience and choice. 61% said they trusted cash over mobile forms of payment, whereas only 16% rated any other form of payment more secure than cash. More than half of consumers believe the introduction of new polymer notes and the new one pound coin have made cash more secure
Nearly two thirds say they will use whatever payment method is easiest at the time but a huge 82% believed paying with cash should always be an option.
While contactless payments have become more important as transaction limits have been increased, in the UK 90% of consumers will typically use notes and coin for transactions up to £50.
Sion Roberts, executive vice president of global retail at Glory Global Solutions, said: “Cash remains a trusted payment method. It clearly has a strong place in shoppers’ hearts – and wallets – and will have for many years to come. This has important implications, as it is still being handled inefficiently and insecurely within many retail environments and this is something that needs to be addressed as a matter of urgency.”