Cash dies a death: Nearly half those surveyed believe all UK payments will be made in-app by 2022

New research among 2,000 UK adults by supermarket app Ubamarket has revealed how out-dated payment systems are driving away customers. Shoppers across the UK are turning away from time-consuming checkout queues and towards rapid payment methods, new research has found.

An independent survey of 2,000 UK adults commissioned by Ubamarket revealed that 73% of shoppers in the UK – the equivalent of 37.5 million people – have changed their mind and decided not to buy something after seeing the size of a shop’s queue. The nationally representative study by the retail app also revealed that ease of payment has become a make-or-break factor for retailers seeking to gain and maintain shoppers.

The research found:

    • 20% of UK adults say in-app payments are their favourite method of paying for items
    • This rises to 34% among 18-34 year olds
    • Over 10 million people (20%) will consciously avoid shops, restaurants, newsagents, cafés or bars that only accept cash
    • 73% of UK consumers – 37.5 million people – have changed their mind and decided not to buy something having seen the size of a queue in a shop
    • 53% of shoppers find queues the most frustrating thing about the retail experience
    • 32% of people pick an online or high-street retailer based on how easy it is to pay for items
    • Nearly half (48%, or 24.6 million people) hate using self-scan machines
    • 21.1 million people (41%) believe all payments will be done via mobile devices in the future
    • The figures jumps to 53% among millennials

Retailers reportedly risk frustrating would-be customers by maintaining archaic payment methods – over 10 million of us (20%) will consciously avoid shops, restaurants, newsagents, cafés or bars that only accept cash. Moreover, 32% of Brits actually select online or high-street retailers based on how easy it is to pay for items.

The nation’s frustration towards outdated in-store payments also extends to self-scan machines, with 48% of UK shoppers frustrated by the current iteration of self-payment infrastructure in Britain’s retail outlets.

Will Broome

In app payment is found to be a timely solution; 41% of us – the equivalent of 21.1 million people – expect that all payments will be processed via mobile devices in the future. According to the research, in app payment is already the preferred method for one fifth of all shoppers, rising to over a third of millennials.

Will Broome, CEO of Ubamarket, commented on the findings: “Over the past decade, major retailers have taken some strides to improve in-store shopping by embracing new technologies.

However, today’s research reveals that long queues and frustratingly out-dated payment systems remain a significant challenge that are ruining millions of shopping trips and therefore must be addressed. Despite the rise of online shopping, it is clear that retailers need to invest in the in-store shopping experience to maintain shoppers’ loyalty in today’s competitive market.”

Comment on this article below or via Twitter: @IoTNow OR @jcIoTnow

RECENT ARTICLES

Rajant and Acubis Technologies announce successful FE1 peregrine and hawk deployments for Stanwell’S meandu mine

Posted on: May 17, 2022

Malvern, PA. 17 May 2022 – Rajant Corporation, the Kinetic Mes wireless networks, and Acubis Technologies, a Kinetic Mesh Premier Partner (KMPP) in Australia, have delivered the FE1 series BreadCrumbs Rajant Peregrine and Hawk to a government-owned utilities provider in southwest Queensland. The customer, Stanwell, was battling the ever-evolving data and application requirements of its

Read more

How can IoT revolutionise dairy farming?

Posted on: May 17, 2022

Today internet of things is the most topical talk in the tech industry. If you are still unaware of this term, the Internet of Things, a.k.a IoT, then just look around; you have been using it in your daily life, either in the form of smart watches or smart microwaves or smart water bottles, etc,

Read more
FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, home automation using iot is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more

5 challenges still facing the Internet of Things

Posted on: June 3, 2020

The Internet of Things (IoT) has quickly become a huge part of how people live, communicate and do business. All around the world, web-enabled devices are turning our world into a more switched-on place to live.

Read more

What is IoT?

Posted on: July 7, 2019

What is IoT Data as a new oil IoT connectivity What is IoT video So what’s IoT? The phrase ‘Internet of Things’ (IoT) is officially everywhere. It constantly shows up in my Google news feed, the weekend tech supplements are waxing lyrical about it and the volume of marketing emails I receive advertising ‘smart, connected

Read more