Cash handling experts Volumatic have drawn attention to key findings from a survey conducted by payments platform Paysafe.
The survey reveals the ongoing importance of payment choice and secure transactions in consumer purchasing behaviour, alongside the vital role in global finances.
The research was conducted during summer this year, and explores how rising living costs are impacting consumer spending habits. Among its findings, 43% of consumers reported abandoning a purchase this year because their preferred payment method wasn’t available.
Security also emerged as a key concern, with 54% of respondents citing it as a critical factor in payment decisions. Nearly half (47%) expressed discomfort entering financial details online due to security concerns.
Commenting on the findings, Mike Severs, sales and marketing director at Volumatic, said: “Consumers have made it clear that payment choice and access to cash are essential to them. While digital payments are convenient for many, cash continues to offer unmatched security, privacy and inclusivity. As cyberattacks become more frequent, it’s no surprise that consumers value the reliability and resilience of cash.”
The survey also shed light on consumer unease about a cashless society with 63% expressing concern about losing access to cash, which the UK government has addressed through the new Financial Conduct Authority (FCA) rules introduced in September.
Volumatic highlights that these findings reflect the relevance of cash as a payment method, as one in ten people are still paid in cash and that cash remains an essential option for millions of individuals.
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