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Most Businesses Still Rely on Cash Payments: Survey

Despite the popularity of digital payments, almost six out of 10 businesses expect to never be cashless





While electronic and mobile payments are expanding, 57 percent of businesses globally expect to never be entirely cash-free, according to an international survey by PayComplete.

Forty-one percent of respondents said their businesses still use manual cash-handling processes, while 35 percent encourage customers to pay via credit card or mobile device instead of cash in order to increase efficiency.

Despite the remaining prevalence of cash payments, there are still issues that retailers are facing with the payment method – 34 percent said their largest concern is discrepancies handling cash. Training staff to handle cash transactions and processes is a further concern to retailers – 31 percent said they are increasing training and adjusting their procedures due to lack of automation.

When three to five people handle cash, 20 percent of the value is lost for the organization, according to the report. When over six people handle cash, the cost of security increases over 380 percent.



MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design

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