More signs indicate cashless society in the future
December 17, 2012
The creation and subsequent popularity of the smartphone and tablet have led to several new revolutions in nearly every type of marketplace. Now, with the birth of mobile payments, many experts believe that the ability to accept credit card payments through a variety of platforms will rapidly lead to a cashless society, characterized by a swift move toward purely electronic and plastic-based transactions.

Harris Interactive recently released its latest iteration of The Harris Poll, which surveyed nearly 2,900 adults regarding their feelings about the direction in which the payments landscape is heading. According to the firm, 61 percent of respondents to the survey believe mobile payments will eventually replace cash transactions.

Though only 26 percent of those respondents believe this change will happen within the next five years, businesses will still need to begin to make the necessary transitions to capitalize on the growing population of mobile payment users. Harris Interactive found some other new characteristics of households that are more inclined to use mobile payment technology.

According to the survey, Echo Boomers and Generation X-ers were far more likely to use smartphones to make payments than Baby Boomers or older generations, while households with children were also more interested in the technology. Harris noted that 38 percent of respondents who had children were interested in mobile payments, while only 22 percent of those without children displayed interest.

Finally, Harris noted that the prevalence of smartphone users and other households interested in mobile payments technology continues to increase.

Small and medium-sized businesses (SMBs) can use this information to their advantage when cultivating a payment processing strategy. With the right integrated payment systems, businesses can better prepare for the rapidly evolving consumer landscape, and ensure all sales are captured through the most popular technology available.
Nexus: G-WEBCD6