82.9% believe fully cashless transactions are the future of payments: GoodFirms survey 2022

Cashless payments – advantages, challenges, trends and opportunities

good companies

For high value transactions – Credit cards are still the preferred payment option.

Google Pay is the most used digital wallet worldwide.”

— GoodFirms research

WASHINGTON DC, WASHINGTON, UNITED STATES, April 27, 2022 /EINPresswire.com/ — GoodFirms, an internationally renowned research, rating and review platform, recently released its new research report, “Cashless Payments – Benefits, Challenges, Trends and Opportunities.” . This study by GoodFirms attempts to find the reasons for the rise of cashless payments and to identify the continuing trends in the world of cashless payments. The survey also assesses critical challenges and opportunities in cashless payments and examines the future of the world with cashless systems.

The study finds that current consumer preferences in terms of convenience, security and ease of use are higher when it comes to cashless payments as digital wallets, internet banking and mobile payments replace cash payment mode.

GoodFirms research attributes the current consumer inclination towards cashless payments to several reasons such as saving valuable time, recording transactions digitally for easy retrieval, etc.

The study highlights prominent trends in cashless payments, including the preference for cashless transactions, the rise of digital wallets, the growing use of P2P and biometrically authenticated payments.

“Cryptocurrency is one such alternative to cash, with 60% of respondents being familiar with virtual/cryptocurrency payments such as Bitcoin, Ethereum, Litecoin, etc.” – GoodCompanies.

The survey also shows that Google Pay dominates the wallet world with the highest usage among digital shoppers. However, for high-value transactions, credit cards retain the top spot.

GoodFirms goes on to claim that government-backed central bank digital currencies (CBDCs) could be the next disruptive factor in the world of cashless payments.

The study analyzes the main challenges related to different payment methods, such as

Furthermore, the research shows that in cashless payments in the future, there will be an inevitable collaboration between new payment providers such as fintech companies and other incumbents to develop new payment methods.

GoodFirms concludes that the fintech revolution and regulatory transition are improving customer experiences in the payments sector. Digital disruptors are striving to make payments more ubiquitous, process-free and automated – for example, the synergy of wearable technology and biometrics to create digital identity-based payment mechanisms.

Main results:

-71.4% prefer cashless transactions to avoid having to carry cash and to protect cash
–Digital wallet payments are on the rise, and Google Pay is the most widely used digital wallet in the world.
-42.9% often pay through digital wallets for low-value transactions.
–Credit cards are the most popular payment method for online purchases, in-store purchases, and paying recurring bills.
-60% of respondents said the use of cashless payments has increased in the wake of the pandemic.
–Cryptocurrency is now part of the public consciousness, with 60% of respondents saying they are familiar with virtual currencies like Bitcoin, Ethereum, etc.
–The demand for mobile point-of-sale systems is growing.
–Biometric authenticated payments are becoming more and more popular.
–P2P payments support freelance work and small businesses.
–Central Bank Digital Currency (CBDCs) will be the next disruptor in the world of cashless payments.
–Regional payment giants play a power together with international payment systems.
–Extreme volatility in virtual currencies, fears of state totalitarianism and expropriation, and cyberattacks are among the key deterrents to cashless economies.
-Financial inclusion of the underbanked and vulnerable class is vital before the world moves towards a fully cashless regime.
–Cashless economies are beneficial for all stakeholders, including consumers, businesses, governments, financial institutions, regulators, society and the environment.
–Cashless economies are better placed to control terrorist financing, corruption, money laundering, tax evasion and bribery.
-82.9% of respondents believe completely cashless is the future of payments.

About research:

The GoodFirms survey “Cashless Payments – Benefits, Challenges, Trends and Opportunities” was conducted between March 11, 2022 and March 25, 2022. The survey asked selected participants and financial experts worldwide about their payment habits, preferred payment methods and other factors influencing their payment options. Research is providing invaluable insight into how post-pandemic payments culture has changed forever, and cashless settlements are seeing unprecedented traction.

The survey was emailed to a defined and selected list of businesses, brick-and-mortar stores, e-commerce and shoppers worldwide to learn about their cashless payment preferences, benefits, challenges and opportunities. A total of 350 respondents took part in the survey, including companies, brick-and-mortar stores, e-commerce and consumers.

For the full survey report with additional insights and participant demographics, see: Cashless Payments – Benefits, Challenges, Trends and Opportunities.

Click here to read and download more research articles from GoodFirms.

If you would like to participate in future research studies by GoodFirms, register your name and company information with GoodFirms.

About GoodFirms:
GoodFirms is a Washington, DC-based research firm that focuses its efforts on identifying the best known and most effective companies that are delivering results to their clients. GoodFirms research is a confluence of new-age consumer reference processes and conventional industry-wide reviews and rankings that help service seekers jump further and multiply their industry-wide value and credibility.

Rachel Ray
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April 27, 2022 at 5:30 p.m. GMT

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