The Retailer Spring Edition 2023

THE RETAILER

14

WHY IT’S IMPORTANT TO KEEP THE CASH FLOWING

Nicky Severn International Marketing Manager Loomis

E xploring the Importance of Cash in Today’s Retail Environment For some time now, financial experts have been predicting the death of cash as a means of paying for the goods and services we enjoy. And as contactless cards, mobile payment platforms and other digital payment options proliferate, the need to carry cash, for many people, is significantly diminished. And yet, as a company whose core business is offering secure and effective solutions for man aging payments, cash and valuables, Loomis is uniquely placed to offer a different perspective.

“Cash is still incredibly important to society” says Nicky Severn. “It provides inclusivity and accessibility for many people . For example, there are many sectors of society who are less comfortable with technology, in addition there are those in rural communities who may expe rience poor digital connection. Alternativley, those with challenging financial situations, or those in debt might all be heavily reliant on cash and less able, or willing, to use digital payment for a myriad of reasons. What’s more, in the light of the recent cost of living crisis, there’s whole new swathe of people who have found that cash is the best way to budget effectively in challenging times. Paying digitially can often mean we are tempted to spend above and beyond our preferred limits – with cash you can’t go over budget and that’s why ideas such as ’envelope cash stuffing’ have become a social media phenomena!

Importantly too, we should remember that there are individuals who are reluctant to spend digi tially due to their preference for privacy. Some do not like the possiblity of ’big brother’ traking our spending habits and the potential control this gives card companies over our daily livess. With all these factors in mind, it is obvious that there are many people for whom cash is their preferreed method of payment and for many others who like to use it combination with digital transactions.” For retailers therefore, refusing to accept cash could prove to be extremely damaging. In the vast majority of scenarios providng customers with the flexibility and payment choice is the optimal solution – in fact many people consider and expect the right to choose to pay in cash if they wish - as a basic human right.

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People want to choose how they pay for goods, and for many, the ability to pay in cash is seen as a basic human right.”