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The Future of Digital Payment: Is Cash Still King?

“Kids will not know what money is.”

While Apple’s CEO, Tim Cook, was talking specifically in reference to Apple Pay, the idea of physical money in a digital world is becoming a far more pressing and controversial topic.

The controversy lies in the public view of digital currency. As news of major data leaks and security hacks are unveiled nearly every month, consumers are being forced to self educate. From this education, consumers are no longer comfortable with using security measures that before were seen as perfectly adequate. Online banking security is dependent on your laptop or phone security, and ATM’s are victim to cameras and visual hacking, everything has risks. Consumers say that if they were subject to a fraud via their digital payment method, they wouldn’t stick with it. Businesses have only one chance to get it right.  

So how are companies meeting these challenges? Security concerns surrounding data protection and secure passwords are being met with biometric readers, bitcoin and encrypted email servers and search engines. Phones now require biometric passwords, and Apple have even introduced biometric payments on their new laptops. Consumer concerns are being met at every turn with new technology built with security in mind, yet cash is still considered king.

Or is it?

There’s a reason that all of London black taxi cabs are now required to accept contactless, and car parking kiosks are beginning to have card terminals integrated within. We no longer are happy to root around in our bags to hunt down the last 10p for parking, and it’s frustrating to stop off at an ATM to get cash for a taxi. Consumers want convenience when they’re paying for a service, and they want it yesterday.

Consumers used to be very resistant towards change, with an ‘if it isn’t broke-why fix it’ mentality.

Now it seems, things can not move fast enough. With queues round the block for the latest iPhone or iPad, and one click online purchasing ensuring that new products can be available within 2 hours of discovery it’s evident that we want new, now.

Tablet Enclosure and iPad Kiosk With Integrated Contactless

This rapid adaption to change means we are aware of new products such as Apple Pay around the same time as businesses, and therefore expect to have the services available as soon as they are released. If you couldn’t use your Apple Wallet within the first few hours of downloading it then the rest of the world is moving too slowly. Consumers expect businesses to adapt as quickly as they adapt to downloading an app. therefore seeing “Contactless Accepted Here”, increases trust in a brand, knowing they are able to invest in their consumers experience.

Businesses need to continue to adapt to the changing digital currency market and many are, with some retailers even starting to accept Bitcoin transactions. To get ahead of the competition it’s important to invest in the customer experience and ensure that you’re instore experience meets consumer expectations. After all, it won’t be long until kids will no longer know what money is.

For more information on how to integrate digital payments and contactless technologies into your business,  talk to imageHOLDERS today. Call us on +44 (0)1202 892863 (UK) or 1-888-858-9778 (USA) or email