A well-known giant in the IT and consulting space directed the 2014 North America Consumer Payments Survey with an example size of 4000, to understand and anticipate the forthcoming changes in the mode of payment preferred by consumers when they check out of retail stores. The consequences of the study are startling enough to serve as a wake-up call for the honchos of organized retail, especially for those who are certain enough that information analytics is the only area they need to invest focus on.
By 2020, it is normal that 18% of the customers who were important for the survey are likely to use Bitcoins and other digital currencies for paying their bills at point-of-sale or POS counters. More importantly, 40% of those who were overviewed gave an agreed answer when inquired as to whether they had made in any event one payment by using their smartphones in last seven days or so, which was a meager 16% back in 2012. All these statistics unmistakably indicate the gradually growing global trend of diminished use of money, Visas and charge cards instruments of financial exchange that rule the POS Execution across the world.
Demographic analysis of the information collected during survey suggests that individuals born in the late 1980s or later are leading the trend. Another variety of shoppers has arisen with net yearly family income surpassing $150,000 and they are not reluctant to flush retail stores with digital currencies during payment. In fact, among the shoppers belonging to the high-income group, 19% have adopted digital currencies as the picked mode for executing at POS counters. Thus, it is normal that before this present decade’s over, cash payments will be reduced by 12%, accompanied by a slump of 6% and 3% for debit cards and credit cards respectively – demonstrating a decrease in the fame of plastic cash without precedent for a very long time.
Most certainly, top executives of each big name in the coordinated retail area are wrestling with different issues. With the threat of losing competitive edge in alluring the young and tech-savvy consumer segment that is cash rich, also comes the money saving advantage proportion of investing on futuristic payment acceptance mechanisms.
