Cash vs NFC’s Cash
Crisis
The demise of notes and coins has been speculated for some time now, and with Near Field Communications (NFC’s) making waves, are we looking at the closing stages of cash?
We’ve all seen the adverts that show Usain Bolt sprinting through London paying for things on a contactless card and via his Smartphone, and nothing’s going to get me excited about changing my method of paying like knowing I’ll have something in common with the world’s most marketable athlete. There’s an air of uncertainty regarding the speed with which the public will accept contactless payments, as thus far uptake has been slow. A lack of understanding has left many feeling apprehensive, and a need for education on the technology is essential. Looking back, the transition to Chip and Pin was met with hesitancy, and paying for things via what technophobes can only assume is witchcraft was always going to be met with some reserve. It’s not just Olympic sponsorship that is going to get the public excited about trashing the cash; there are new applications for the technology that will
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also help alter perceptions. Traditionally, some services have to be paid for in cash. For example, taxi drivers don’t usually operate hand held terminals, and it’s a nightmare trying to pay by card in a busy bar. As a result, cash has maintained a strong level of importance in these sectors. However, the development of new technologies is helping make these transactions more feasible. Wendy Dobson, Head of Cardholder
Present at DataCash, feels that with the way technology is moving forward, card payments will definitely give cash a run for its money in the hospitality sector. This will improve the speed with which payments will be taken, and could also have other benefits, as Dobson explains; “Traditionally cash has been favoured by merchants as a quick easy and reliable method of payment. Yet, the associated labour, security and management costs can often mean that for the retailer, cash is costly to manage and
administer – even in comparison with credit card transaction charges.” If improved card payments will make it easier for the customer and provider, then it looks as though cash may well be in trouble. I mentioned taxi drivers earlier for a reason.
Typically unhappy to accept anything but cash, the cabbie has provided a safe house where notes and coins alike are always welcome. However, VeriFone have created the ideal payment system for use in taxi’s, and Mark Roberts, General Manager of VeriFone Taxi Systems, explains why this product is going to change things; “Taxis are all about quick service and fast turnaround. Enabling tapandgo contactless payments has massive appeal with the public, fleets and drivers. 300,000 people travel in London taxis each day and VeriFone's aim is to ensure that every licensed taxi in London is fitted with a card payment system that can take contactless and NFC payments as well as credit and debit cards”.
www.a1retailmagazine.com
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