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.