What Would a Cashless Society Mean for UK Retailers and Financial Organisations?

What Would a Cashless Society Mean for UK Retailers and Financial Organisations?

Paul Heywood

Managing Director EMEA at Dyn

Views 815

What Would a Cashless Society Mean for UK Retailers and Financial Organisations?

21.06.2016 01:30 pm
As we move towards a cashless society, we need to be mindful that all transactions and updates are reliant on the public internet working properly. Consider what happens in a period of downtime, especially if retailers stop taking cash as a form of payment? In short, both parties suffer. For the merchant it’s a loss of revenue and for the consumer, it’s the inconvenience of not being able to purchase vital services. For example, imagine you are filling up with petrol and connectivity to make a payment fails but there’s no other alternative method to pay – what happens then? Therefore, in a cashless society, the risk of digital transactions suffering downtime or delays needs to be completely eliminated. Merchants need to ensure their systems are fool-proof, and be prepared to support electronic payments and services through the digital supply chain. Only by monitoring, and having better control of, internet performance can retailers remedy potential problems in the payment process and ultimately deliver exceptional customer service in a world where cash is no longer king.

Latest blogs

Will Hurst Monevo

How to prepare for a cashless society

THE UK ranks as the world’s third most cashless country behind Canada and Sweden. Will Hurst, Head of Commercial Development at Monevo, part of Quint Group, has some thoughts on how to get ready for a world without paper and coins. 1 – Invest in Read more »

Laura Francis Form3

Why Payments- as-a Service is the first choice for Financial Institutions

More and more Financial Institutions are choosing to outsource their mission critical payments infrastructure over building or licensing legacy technology. The pace of change within the global payments technology space is still at full speed with no Read more »

Myles Dawson Adyen UK

Three ways to win shoppers during Chinese New Year (and beyond)

For us in the West, New Year feels like a distant memory. But, while we’re in the midst of ‘Dry Veganuary’, celebrations in China are just about to kick off. Read more »

Rodrigo Zepeda Storm-7 Consulting Limited

Persons With Significant Control: PSCs

From 30th June 2016 the ‘People with Significant Control’ Companies House register went live. This means that certain United Kingdom (UK) companies, Limited Liability Partnerships (LLPs), Societas Europaea (SE), and Eligible Scottish Partnerships ( Read more »

Philippe Carrel Finmechanics

LIBOR to survive the RFRs

Neither IBORs nor RFRs; firms should ready up to work with both types of benchmarks and reference rates for the foreseeable future.  The quantitative finance focused publications of 2019 have highlighted that replacing forward looking term rates ( Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel