If you are an Irishmen, you would relate to how quickly “cash-free” and “card only” signs have taken over the hotels, stores, and other businesses especially talking about the post-pandemic times. And the reasons are obvious. But the question is. Are those signs really telling the truth and indicating that Ireland is going to be a cashless society soon? Let’s see what the stats have to say. According to the IE Tripping Point Report 2022, about two-thirds (62%) of all the interviewed Irish customers said that they were of the view of using cash payments “less frequently” post-pandemic. 16% of the interviewed said they were not using any cash at all in their transactions while 40% said they still prefer cash payments but for smaller transactions only. And lastly, 22% said they were in for cash payments only.
Cashless Payments Trend is On a Rise in Ireland
The trends are very evident today. And if your business is still shying away from cashless transactions and opting for the card and contactless payments, you might be missing something huge. Another research suggests that 54% of the Irish consumer community has already made up their minds about cashless businesses and believes it will happen by 2025. While another nearly half (49%) were of the view that coins and cash currency would go out of practice (phase out) till 2030. So, why is everyone preferring NPI as their cashless transactions service provider in Ireland today? Are contactless payments actually the future? Read on to know it all.
Advantages and Disadvantages of Cashless Payment Methods?
Since the majority of the customers are convinced with cashless payments, these contactless card payment methods got to be more convenient and quicker.
Other businesses of cashless transactions include lesser waiting times, quick processing time, cut down operational costs, and consumer facilities.
However, according to a small segment of customers, the possible disadvantage of cashless payments is the possible social isolation. Elderly customers are likely going to take time to learn skills to use digital payment methods.
Questions to Ask Yourself Before Going Cashless
Though POS terminals that enable cashless payments and enable your business to accept/process contactless card payments are portable, easy to use, and convenient. You still need to do your homework before deciding to go cashless. Here are the three most important considerations before the important transition:
1. Who are your customers?
Put yourself in the customer’s shoes and know who exactly you are serving. If you are running in an urban or suburban area and your target customer base happens to be younger or middle-aged customers, the transition would be much easier. However, if it is the other way around about the ages and location of your business, you will have to work more on customer education before making the move.
2. Where are you?
The only hurdle that needs to be addressed about the POS systems is that it requires good speed of the internet to process and execute transactions. This could be an issue if your business faces unreliable and defective internet connections. It is because you won’t be able to track the record of the failed transactions for long till the connections are restored. Which could result in potential losses.
3. How are your digital skills?
Though the transition from cash to cashless will cut down huge stresses of operational costs, security against theft, and other vulnerabilities. Cashless payments come with their own challenges of digital skills. You will have to ensure that your staff is well versed with digital security protocols and can identify a potential digital vulnerability, update/install antivirus software, and passwords, and answer POS FAQs.
Though there is a percentage of customers in Ireland that still prefer cash payments over cashless ones, the greater trend suggests that consumers are getting more convenient and are in the favor of digital payments. If you do not want your business to be left behind in the trend-making, hire NPI, the first Irish contactless payment service provider, and be a thought leader in the market.