Leading cash handling experts, Volumatic, are drawing attention to key findings from a recent survey conducted by payments platform Paysafe.
The survey, titled Inside the Wallet: How Consumers are spending and saving in 2024 survey, reveals the ongoing importance of payment choice and secure transactions in consumer purchasing behaviour, alongside the vital role in global finances.
The research, conducted during summer 2024, explores how rising living costs are impacting consumer spending habits. Among its findings, 43% of consumers reported abandoning a purchase this year because their preferred payment method wasn’t available. Security also emerged as a key concern, with 54% of respondents citing it as a critical factor in payment decisions. Nearly half (47%) expressed discomfort entering financial details online due to security concerns. These concerns are further compounded by the increasing prevalence of cyberattacks, with 50% of businesses reporting such incidents in the past year.
Commenting on the findings, Mike Severs, Sales & Marketing Director at Volumatic, said: “Consumers have made it clear that payment choice and access to cash are essential to them. While digital payments are convenient for many, cash continues to offer unmatched security, privacy, and inclusivity. As cyberattacks become more frequent, it’s no surprise that consumers value the reliability and resilience of cash.”
The survey also shed light on consumer unease about a cashless society with 63% expressing concern about losing access to cash, which the UK government has addressed through the new Financial Conduct Authority (FCA) rules introduced in September. Many consumers still prefer traditional payment methods, with 44% indicating they would like to reserve goods online and pay in cash upon collection in-store. Additionally, 35% feel uncomfortable leaving home without cash or a physical payment card.
Volumatic highlights that these findings reflect the relevance of cash as a payment method, as one in ten people are still paid in cash and that cash remains an essential option for millions of individuals.
Volumatic has long championed the importance of payment choice, and in 2021, the company collaborated with organisations like the Bank of England, Cash Essentials, and Vaultex to produce the white paper, ‘Consumers Demand Payment Choice, which stressed the importance of businesses offering diverse payment methods to meet consumer needs. This message was reinforced at the 2022 Volumatic’s Cash 2030 Conference, where key stakeholders, including The Co-op Food Group, the UK Cash Supply Alliance, and Enryo, united to support cash as a critical payment method.
As businesses navigate economic challenges, Volumatic encourages organisations to consider these insights and offer a range of payment options that meet the needs of all while ensuring no consumer is left behind.