New statistics show that Australians are moving ever quicker to a cashless society and traders need to be part of the trend.
Statistical highlights –
1. Cash withdrawals from ATMs are declining as customers use card instead of cash.
2. Average card purchases are declining as customers use their card for cheaper, more basic purchases.
3. Purchases on debit card are growing three times quicker than credit card.
Customers are continuing to show spending restraint as they shy away from credit cards but instead of going for cash they are moving to debit cards. Commsec economist Crai James said “Cash has been out of favour for some time as have credit cards, but the extent of the slide over the past year is staggering.”
One trader told us that he didn’t see the need for his own EFTPOS machine when there were public cash machines available in Queen St. We really think he is missing the point. This is all about convenience. If customers are starting to use card for small basic purchases, why would they be prepared to queue at the QVM. And our competitors out in retail land are already experimenting with tap’n’go transactions which are even more convenient.
We suspect that most traders do have mobile EFTPOS machines, but if you don’t, it is time to act. Talk to your bank.COMMENTS:
tony pierrakos said...