| | The Grocer reports that shoppers at The Co-operative Group have predicted the death of cash within the next 10 years.
A report from the society, titled ‘The Way We Pay’, found that 65% of shoppers from a sample of 2,000 it interviewed thought they would only need a mobile phone to pay with by 2025. As it stands, two-thirds of all transactions at The Co-op stores are still made using cash.
Contactless payments soared by 1.4m to 11m from February to March this year, up 15% month on month and almost three times that of 12 months ago.
Retail chief information officer Cheryl Marshall said contactless technology was perfect for convenience stores as shoppers bought fewer items and speed was important.
The Co-op was the first retailer to roll out contactless payment points in 2014 with 12,000 contactless payment points in 2,800 outlets.
But despite the increasing prevalence of contactless bank cards and methods like Apple Pay, there was still a reluctance by some shoppers to use it, the retailer’s research showed. |