Report uncovers how payment methods are changing
Nearly nine in ten consumers (89%) use cards or contactless payment every or most times they visit a pub, bar or restaurant, while new payment tech have also grown in popularity.
The survey also found 71% of people no longer frequently pay with cash when in hospitality venues and 69% of UK consumers now withdraw cash less than once a week.
Furthermore, a significant number of people are interested in newer technologies such as ‘pay-with-your-face’ recognition software, which a third (34%) of people said they find appealing. Close behind are options like digital IDs (33%), ‘invisible’ payments or just walk-out technology (31%), such as Amazon’s ‘Amazon Fresh’ stores, and microchips under the skin (29%).
Karl Chessell, CGA director - Hospitality Operators and Food, EMEA, commented: “It’s clear from this research that while cash remains an important part of people’s lives, it is steadily being replaced by card and device-led payments.
“Covid triggered a major shift to contactless methods for safety, and many consumers will be taking those habits into the future. The need for hygiene also prompted some operators to create cash-free venues, and they too are unlikely to revert to pre-Covid models.
“Payment is a crucial stage of anyone’s journey through a restaurant, pub or bar. Guests who find it quick and easy will leave with good impressions, but those who find it frustrating might never come back. Whether using cash, card, phone or watch, it’s important that venues deliver the flexibility, speed and convenience to meet demands. All operators will need to keep a close eye on changing preferences and payment innovations in the months and years ahead.”