The act of popping to The Co-op has made The Co-operative Food the most visited food store in the country, but when you buy your treats or essentials do you choose cash or contactless?
Our ‘The Way We Pay’ Convenience Report looks at we’re whether we’re embracing the new methods of payment when we pop into The Co-op and it seems that cash remains king. Two thirds of people still choose to pay with cash when they shop with us, so it seems coins are the most convenient way to pay for our customers.
However the tide seems to be changing. At The Co-operative Food we’ve seen contactless transactions triple over the last 12 months and
we expect that to continue. Banks and financial institutions are working to make paying without cash more convenient by increasing the limit for contactless payments from £20 to £30 last September and introducing mobile payments. So what’s stopping us? Trust…
Cheryl Marshall, our retail chief information officer, said: “It takes a while for consumers to trust modern technology. For that reason cash is still king as people enjoy carrying money. However we predict that by 2025, mobile payments will overtake cards and cash.”