Technorati Tags: payments
Now it’s certainly true that convenience is a real driver for increased payment card usage in all sorts of ways. The U.S. consumers surveyed on this topic (one in five of whom use cards to pay for more than half their QSR purchases) cited the obvious benefits:
- Payment cards allow them to track spending (84 percent).
- Funds are always accessible with cards, so it’s not necessary to plan ahead to get cash (82 percent).
- When using a payment card at a QSR, they can get exactly what they need because they’re not limited to the cash on hand (77 percent).
What was also interesting to me though was that they were also asked what the problems with cash were. Their answers:
- Being stuck in a long line (62 percent).
- Digging in their wallet or pocket for cash and coins (48 percent).
- Dropping money on the ground (28 percent).
- Having to scale back their order because they were short on cash (15 percent).
Moving on, they were asked what it would take to get them to use cards more, they said:
- They had the opportunity to earn rewards or free meals (28 percent).
- More locations accepted payment cards (27 percent).
- They could get through lines faster (30 percent).
- They could swipe their own card (27 percent).
The latter two points would seem to go to the heart of the contactless proposition and must be very encouraging to those in the field, but let’s not overlook (I’m sure Aneace wouldn’t let us anyway) the first point. A major pull for mobile phones in this space will be the fact that phones can manage rewards and loyalty programmes much more effectively than cards.
These opinions are my own (I think) and presented solely in my capacity as an interested member of the general public [posted with ecto]