Should Businesses in Norfolk and Suffolk Take Inspiration From the Gambling Industry by Offering a Wide Variety of Payment Options?
Though many people may not quite be willing to admit it yet, cash could soon be on the way out. In the UK, paper and coins are no longer the preferred payment method, with debit and credit card transactions overtaking cash in 2017. Younger people, in particular, favour contactless payments, which now account for 75 percent of all retail sales. One industry that has been ahead of the game in accepting a wide variety of payments is the online casino sector, and businesses in Norfolk and Suffolk should look to replicate this model.
Online Casinos Accept Numerous Payment Systems
It is clear that the modern consumer wants choice when it comes to ways to perform transactions. Different options have their own advantages, and suit people’s needs in varied ways. Some people may prefer VISA, for instance, because they have developed trust in it over many years. Others may see PayPal as a better option, as the processing of refunds occurs much more quickly.
Because cash can’t be used to make payments online, the internet has advanced the spread of new systems rapidly. Online casinos are a particularly good business to use as a case study, as they have embraced the fact that players from all over the world have different needs.
Some of the biggest online casino brands in the industry are played by people all over the world, so they need to take into account that players are using currencies from their own countries. Payment systems that specialise in international transfers such as PayPal and Neteller have become hugely popular options for these sites. In recent years, cryptocurrencies like Bitcoin have also emerged as a way to move funds across borders cheaply.
Should Businesses Prepare for a Cashless Society?
Local shops in the west of England aren’t going to be processing many international payments if they only operate out of brick and mortar locations, but they can take the rise of online payment systems as warning that they may need to prepare for a future cashless society. The stats clearly show that shoppers in physical locations are switching to newer payment systems, as they believe them to be more efficient and more hygienic.
Debit and credit card payments are already ubiquitous around the Norfolk and Suffolk area, and modern alternatives are starting to emerge in various places. Some people may have noticed a rise in QR codes, which allow shoppers to instantly transfer funds via their phone. Bitcoin is also creeping in at a number of places. There are a few Bitcoin ATMs scattered around, and customers can even pay for food and drinks with the cryptocurrency at the White Lion pub on Oak Street, Norwich. This local social spot may be ahead of the times, and other businesses are likely to follow suit in the near future.
The gambling industry has a tendency to be in front of the curve when it comes to innovations in technology, and is a good place to look for a glimpse of the future. Because of the heavy focus on payment methods, businesses should follow suit and prepare for a time when cash will become a rare commodity.