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Australians reject businesses that reject cash

Announcement posted by Infochoice 07 May 2020

Shoppers want to pay with cash

 

AUSTRALIANS are avoiding businesses that reject casH

 

7 May 2020: 

 

Australians believe cash is safe and a reliable form of payment during COVID-19, according to new research.

 

More than one third of survey respondents avoid businesses that do not accept cash payments according to the Next Payments Consumer Sentiment Survey on Payment Preferences.

 

Key findings from the survey of Australians’ sentiments on payment preference are:

·         More than 90% want freedom of choice to pay for goods and services with cash.

·         77% consider it unfair that some businesses do not accept cash.

·         66% are concerned at hidden fees associated with card payments.

 

·         59% consider cash payments surcharge free at point of purchase.

 

·         37% of survey respondents avoid businesses that do not accept cash.

 

·         Nearly half consider paying with cash to be safer and cleaner than paying with cards.

 

·         72% consider cash to be the most reliable form of payment.

 

·         More than half of Australians consider it easier to budget with cash.

 

Next Payments CEO Tim Wildash said that while COVID-19 is disrupting businesses and lifestyles, cash is safe, secure and remains key to economic stability.

 

“Australians say cash is safe, preferred and by far the most reliable payment method,” said Mr Wildash.

 

“Our research shows that businesses that reject cash are losing customers. Customers do not want to pay hidden fees on card payments. There are no hidden fees or surcharges at point of purchase with cash. In a difficult trading environment, businesses need to do everything they can to keep and win over more customers. In this instance, business success means accepting and encouraging customers that pay with cash.”

 

“The Royal Australian Mint, the World Health Organisation, the Reserve Bank of New Zealand and many medical experts conclude there is no connection between cash and the spread of COVID-19. Our research shows that Australians agree,” Mr Wildash said.

 

For more information or interview, contact Tim Wildash, Chief Executive Officer Next Payments – m. 0418 336 599