Cash is still king (just)

Written by on February 13, 2015 in BillingViews, Opinion with 0 Comments

Money strategyWith all the hype around mobile payments, it would be great to report that some new widget or gadget was the most popular payment method. The truth, according to a survey by Compass Plus, shows that in the UK cash is still king. Beyond the headline, though, is a clear trend that says customers are getting used to alternative payment channels.

We are in a dip in trust in mobile payments right now, with double the number of survey respondents saying that they did not trust mobile payments compared to the 2013 survey. Cash is the most trusted, at almost three quarters of respondents.

Compass says that the results show the emergence of the multi channel customer, with an increasing willingness to use a wide range of payment methods.

All of which is encouraging, but points, says Compass, to the conclusion that there will be no clear winners in the payments game.

It could be that customers are becoming confused by the ever growing array of payment options. It may be that they are becoming more nervous of using mobile payment methods as they read of attack after attack on payments systems, banks and sites with which they have entrusted their data. It could simply be that technology really does take 10 years to become invisible, as an old saying goes.

The fact is that contactless and mobile payments will become the norm. The take up and comfort levels will certainly be enhanced by developments such as Apple Pay, a brand that brings comfort to millions.

Until then the mess that is the payments arena at the moment will continue to be confusing, with players big and small pushing for the smallest advantage. Many will go by the wayside and it will quite possibly be another few years before mobile payments is the natural way to pay.

Until then, cash will remain king, in the UK at least.

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Alex Leslie

About the Author

About the Author: Alex was Founder and CEO of the Global Billing Association (GBA), a trade body focused on the communications sector. He is a sought after speaker and chairman at leading industry conferences, and is widely published in communications magazines around the world. Until it closed, he was Contributing Editor, OSS/BSS for Connected Planet. He is publisher of DisruptiveViews and previously BillingViews. .

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