Contactless cards have been around since 2010, with most if not all card providers offering the option for contactless pay. In the last decade this technology has exploded in popularity as more people have embraced it as the standard way to make payments when on the go.
- As it stands 27% of all payments are made using contactless
- Closely followed by cash at 26% as reported by UKfinance.org
Is fully contactless payment the future?
Cash isn't going away anytime soon but as we see more young people enter the working world more and more payments will be done digitally. The tech savvy generation of the 2000s already rely on contactless more than ever.
A study conducted by samsung pay surveying 15000 Brits found;
- more than half don't carry cash, in fact only 14 percent of the nation always have cash on them - with just 8 percent of 18-to-19-year-olds.
Another study surveyed 500 teens on their attitude towards technology within the foods and drinks industry;
- They found around 57 percent of teens believe in not using cash when going to shops and restaurants as adults with the majority believing digital payments are the way forward.
Data provided by UKhospitality
Does bitcoin have a leg in the race?
Bitcoin is the first crypto-currency to reach the mainstream and crypto enthusiasts seem to think it will one day become the standard. Even with all of the hype Bitcoin has gained over the last couple of years it still lacks real world use, especially within the hospitality sector.
With only a handful of bitcoin friendly pubs and restaurants scattered around the nation it has an incredibly small presence.
However as with all newly emerging technology it has to have time to mature and be adopted by the public for it to take hold. We have now reached a point where we can have these conversations around the viability of this new way of looking at currency.
That being said the industry remains split.
- The first bitcoin friendly pub opened in 2013
- A poll conducted by the morning advisor surveying 75 hospitality operators found that 49% were open minded to cryptocurrency
- 39% said they would not use it in their venues
- 12% said they would be interested in learning more about it.