Cashless Britain: New research reveals 1 in 4 will walk away if businesses don’t accept card payments
The study also found that half of us will walk no more than 100 metres for a cash point, while one in 10 pay less than full price for goods in coffee shops and markets
GettyMost Brits carry less than £20 in cash on them at any one time
British consumers continue to reject cash in favour of cards, according to new research from Kalixa Pro, a new payment solution for small businesses.
A huge 71% of Brits admit to carrying less than £20 in cash at any one time.
Even more surprisingly, half of them will walk no more than 100 metres for a cash machine, while the average Brit now carries just £17.79 in cash.
This is even less for 18-24 year olds, who carry only £12.81 at any one time.
Kalixa Pro’s survey of 2,000 consumers in the UK reveals that consumers prefer to pay with a card, with 82% preferring to use them for purchases over £20.
In fact, making card payments is so ingrained in shoppers’ behaviour, that a quarter of them admit they have taken their business elsewhere because a shop or tradesman was unable to process card payments.
More alarmingly for small businesses, is the fact that one in 10 people admit to paying less than full price for goods when they don’t have enough cash on them.
Market traders and coffee shop owners are among the worst affected – 34% of people admit to paying less at markets or cafes and 7% admit this happens when they have to pay for unexpected tradesmen call-outs at home.
Colin Swain, Kalixa’s Global Head of Product said: “Consumers switching from cash to card payments is an increasing trend that cannot be ignored.
“As a society we are increasingly reliant on cards and the flexibility they provide.
“We are delighted to launch Kalixa Pro, a way for the UK’s sole traders and small businesses to take card payments giving them a cost effective way to help grow their businesses.”
Kalixa Pro enables small businesses and sole traders to accept face to face card payments for goods and services using their smartphone.