Whenever a cryptocurrency fanatic tries to tell you why cash is one of the worst ways to make payments, many people think it's his inner-fan boy talking. Why would he even recommend cash or say anything remotely decent about it? Well, the times, they are…
Whenever a cryptocurrency fanatic tries to tell you why cash is one of the worst ways to make payments, many people think it’s his inner-fan boy talking. Why would he even recommend cash or say anything remotely decent about it? Well, the times, they are a-changin’. According to a grand survey, British people are losing their interest in cash payments. Even better, they think we are on the verge of a payments revolution. This could be positive news for Bitcoin.
[dropcap size=small]T[/dropcap]he Payments Landscape Benchmark, compiled by payments provider Sage Pay, lists the opinions of 1,124 business leaders. They took a closer look at the annual costs of the traditional cash payment system. The results were shocking, showing a grand £17.8 billion a year spent on processing cash payments. Obviously, these businesses are looking into alternative payment systems to cut the costs. They say Britain is on the move towards a “cashless” future.
According to the survey, the average cost of handling cash has reached £3,638.57 per retailer. This cost is largely due to security costs. Strange, since most companies also conclude that they lose large amounts of money on counterfeit notes and theft. 52% of all business leaders questioned claimed that cash carries the most accounting inaccuracies of all the payment methods they use. If more than half of these leaders lost faith and interest in cash, what keeps them from abandoning it altogether?
[dropcap size=small]T[/dropcap]his brings us to the most important aspect in every shop, the customer. It seems 36% of all the 1,042 consumers polled said they are more likely to shop with retailers that offer a range of payment methods. What’s even more interesting is that 31% of all shoppers won’t even consider buying an item if their preferred method of payment is not supported by the store. This puts a new perspective on payment methods. In the past, shops just wanted to accept the most common payment methods available. It did not matter how the customer paid, as long as he did. This survey points out that the presence of a particular payment method might be the difference between a sale or no sale at all.
The conclusion of this survey is remarkable, to say the least. A third of businesses — and almost a third of consumers — believe that Britain will (and must) become a cashless society. “We’re living through a payments revolution,” Simon Black, the chief executive of Sage Pay, says.
So after reading all this and analyzing the results of the survey, it seems the United Kingdom is ready for a Bitcoin revolution, right? Unfortunately, as progressive as the Brits might be in their thoughts about payment methods, they seem not that educated when it comes to cryptocurrencies. The survey also mentioned Bitcoin and, as strange as it may sound; this was dismissed by 61% of businesses as “a fad”. Almost two-thirds of consumers awarded it one out of ten for payment preference. As little as 1% of all consumers questioned had used Bitcoin in the past month.
When a society asks for alternative payment methods, Bitcoin seems one of the greatest options out there. Unfortunately, people will always look for changes within the boundaries they are used to. Credit, debit, PayPal have one thing in common; they use classic money. Whether it is Dollar, Pound Sterling, Euro or any other currency. This is what people know, and it will be hard to draw them away from it.
Don’t be depressed about the low number of people that used Bitcoin in the past month. Mainstream media wants you to focus on this. The most important part of this survey is the fact that cash is experiencing its downfall as we speak. People are looking for worthy alternatives. As long as companies keep adding Bitcoin to their payment methods, word will keep spreading and slowly but surely, people will be won for Bitcoin’s cause. With the presence of companies like Bitpay, accepting Bitcoin has never been easier.
The outcome may be hard to predict, but a payment revolution is on its way. To prove this, I will give you one last number of the survey. 29% of the firms surveyed considers Bitcoin to be an important part of future payments choice for consumers. Something tells me that consumer opinions will be different if this survey is redone a year from now.
Last modified: January 10, 2020 2:05 PM UTC