Less than two weeks out from Christmas, more than one third (36 per cent) of Australian shoppers say they will avoid a shop that does not offer cashless1 payment options, according to new research released by CommBank today.
The research, which examined shopper sentiment towards cash-only versus cashless payment options this festive season, found 74 per cent of shoppers believe all stores should offer cashless payment options. Almost two thirds (63 per cent) say one of the greatest benefits of making a cashless payment is the convenience of not having to carry cash.
Contactless payment methods are increasingly popular, with 69 per cent of shoppers currently using methods such as Tap & Pay.
Angus Sullivan, Executive General Manager, Retail Products and Strategy, Commonwealth Bank, said a number of mobile innovations have been introduced this year to help shoppers manage their Christmas spending.
“From tracking their spending on-the-go, to using contactless payments such as Tap & Pay on the CommBank app, Australians can blitz their shopping with minimal fuss so they have more time with their loved ones this festive season.
“Shoppers are embracing the convenience and simplicity of paying without having to rummage for physical notes and coins – with more than 2.89 million users of the CommBank app each week, we expect more Australians to shop with their digital wallet this Christmas than ever before,” he said.
Cashless payment tops the Christmas wish list
The majority of shoppers (56 per cent) will spend up to five hours hunting for presents this year, and almost one-in-five (19 per cent) will spend more than 10 hours. Most shoppers will purchase up to ten gifts (64 per cent) and spend up to $1,000 (81 per cent). When it comes to paying for their presents:
The reasons behind shopper preference for cashless transactions are varied. According to the research:
Cash-only stores seen as ‘behind the times’
Retailers not offering cashless payment options may experience slower sales this Christmas. The research showed:
Digital payments help shoppers budget better
Shoppers will seek the help of new banking technology this Christmas. The research revealed:
Shoppers embracing the digital wallet
Close to one-in-five (18 per cent) survey respondents will do all of their Christmas shopping via mobile phone and say they do not require a physical wallet. The research also showed:
1 Cashless: Shopping transactions that do not involve the exchange of physical money (e.g. EFTPOS, debit card and credit card transactions and contactless options such as Tap & Pay, PayPass)