With the pandemic accelerating the shift towards a cashless ecosystem, just 5% of UK businesses only accept cash transactions, according to new research from YouLend and Dojo.
Its research claims the shift has been supported by the proliferation in mobile payments. Just under half (48%) of businesses have adopted digital payment methods, with female-owned businesses taking the charge at a 51% adoption rate – male-owned businesses have an adoption rate of 42%.
Mobile payments has become a major payment method for consumers, with six out of 10 people in the UK using Apple Pay for POS transactions in 2021.
Dojo head of customer insight Jon Knott said, “This research shows that both business owners and consumers are embracing new payment methods.
“What we hear from our over 40,000 customers across the UK is that accepting card and digital wallet payments as part of their payment mix gives them unique benefits, including speed, security and reconciliation, giving them time back to run their business. To lean into the shift shown in this research, business owners should be thinking about providing the right mix of payments based on their customers’ needs.”
Another report about the mobile payments industry, which was conducted by Juniper Research, found that the global value of biometrically authenticated remote mobile payments are expected to reach $1.2trn by 2027, rising from $332bn in 2022.
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