Is your business ready for cashless society?

Diego Katzman

Diego Katzman
Published 28/05/2020 · 1 min read

Let's suppose (although it doesn’t happen every day) you had to travel to another country this afternoon. You quickly pack your suitcase, grab your mobile and ask for a car to take you to the airport (either taxi, Uber, Cabify). During the trip, you book the airline tickets on your smartphone to reach your destination. The car stops, you don't have money, but it doesn't matter: you pay with your mobile. After passing the airport security controls, you show the ticket on your smartphone screen.

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This is the cashless society, in which more and more people are getting used to living without cash. We are sure that this is not the first time you hear about it because this economic state is a global phenomenon: in the UK card payment outpaced cash payment for the first time in 2015, South Korea is coin-free, and Stockholm plans to be a cashless society by 2030. Is your business ready?

If the answer is “no”, don't despair! There are financial partners, such as PayXpert, that help you add value to your company by integrating the fastest growing payment methods.

According to a BBVA Research article, those under age 35 make 44% fewer cash withdrawals than the average for the Spanish population, a trend that is even more pronounced in large populations where 83.7% of the transactions carried out by “millennials” are by card, compared to 16.3% in cash.

This marked generational leap, along with the increasing process of making finances technological, point to a cashless future in the coming years. In this post we show you some ways to adapt your business to the growing “technologisation” of payments.

A versatile dataphone. Ideally, you should offer your clients a wide range of possibilities when making payments. The PayXpert POS gives the opportunity to pay easily, either by card or mobile, and supports international payment methods such as AliPay or WeChat Pay.

Use your mobile to receive payments. This is the so-called mPOS (Mobile Point of Sale) technology, which will allow to offer your customers the convenience of paying wherever you are. With a simple and intuitive interface, you will provide an infinitely more flexible experience adapted to the needs of your clients.

If you are interested in learning more about financial technology (Fintech) tools to take your business to the next stage, visit our website. From data management to control panels with the most relevant information about your finances, these tools will provide everything for your conversion cycle to reach its full potential.

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