The Kuflink Peer to Peer Investor Blog

Publish at: 2019-05-08 08:30:50

Put your wallet away! The end of cash payments?

2 in 5 transactions are contactless

Over the past decade or so, tech has revolutionised the way we spend, save and invest. It is now estimated that 2 in 5 transactions are contactless; a trend so widespread that even the UK’s largest retailers are reconsidering their approach to transactions.

Sainsbury’s have just announced plans to trial till-free stores, beginning with the Holborn Circus branch of the store in London, where it is claimed that 82% of transactions are cashless. This is yet another significant vote of confidence for online technology, showing that the general public are not only comfortable with computer-based money management, but often prefer it to the more traditional methods.

Customers will be able to scan the goods as they go via a SmartShop scan, pay and go app which can be downloaded on their smartphone. Afterwards they can scan a QR code which acts as a receipt for the purchase. Whilst many of the leading supermarkets have trialed apps for customers to pay for goods, Sainsbury’s are the first to try going till-free.

Customers are preferring the computer screen to the shopkeeper’s hatch

It is old news that customers have embraced online shopping but with companies making it easier and easier to pay for things online, customers are preferring the computer screen to the shopkeeper’s hatch.

However, it is important for businesses to remember that consumers will embrace technology at a different pace, and while these advancements make life easier for the majority of us, they are too much, too soon for others. Sometimes it’s easy to forget that had you presented this idea of ‘scan and go’ even just a decade ago you would’ve raised many eyebrows.

Even though we're a FinTech platform, Kuflink have a committed customer services team ready to assist by phone or email and are always ready to welcome customers to our Kent offices.

We have, and always will, strive to be at the forefront of the technology revolution in order to reflect how comfortable customers are managing their money online.

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