Visa's Consumer Payment Attitudes 2021 study found that there has been a growth in cashless payment adoption, primarily via QR payments, e-wallets, and contactless cards. This is especially seen in bill payments, supermarkets, and retail shopping.
Stay competitive and adopt cashless payments to avoid lagging behind in your industry. Few things can feel more frustrating to a potential customer (and employee) than a growing queue of people due to slow service.
Businesses need to offer cashless payment options to support their customers' buying journey. With a convenient and quick payment at the counter, your customers are more likely to tell others about your business and return themselves.
Moreover, customer satisfaction increases with more payment options. There is a wide range of cashless payment apps and services to choose from, and they facilitate international transactions with automatic currency conversions.
In the past, cash was king. These days, it is more worth it for small businesses and retailers to accept cashless payments.
The advantages of going cashless, such as fast approval and setting up a payment gateway or terminal, usually outweigh the cons. This is because it increases convenience for customers and saves business owners time and money.
You can gain many benefits from cashless payments, so it is worth starting your cashless journey today. Get more business insights and other helpful financial guides and advice here.
This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.