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Contactless Spending Increases by 34% since Jan 2017
This industry commentary from Peter Moore, CEO of Lolly, addresses the rapid acceleration of the "cashless society" and the critical need for hospitality providers to adapt to changing consumer behaviors.
The Contactless Surge: Embracing the Cashless Revolution
By Peter Moore, CEO of Lolly
We have always predicted that contactless spending would surge in popularity. It is encouraging to see this confirmed by Barclaycard’s latest research, which indicates that contactless usage has jumped by more than a third (34%) since the beginning of the year. These staggering figures highlight the true potential of tap-and-go technology.
The Demand for Speed
We live in an increasingly fast-paced society. Modern consumers expect to be served as quickly and efficiently as possible, and contactless payments are the primary tool meeting that demand at the point of sale.
The way we pay is fundamentally changing as society becomes more technology-savvy. At Lolly, we believe we are on the verge of a rapid rise in mobile wallet adoption, further supporting the shift toward a mobile and cashless world.
The Risk of the Digital Divide
For hospitality providers, keeping up with these payment trends is no longer optional—it is a matter of survival.
- Adapt or Fade: Those who fail to update their systems face the very real potential of being left behind by their competitors and, ultimately, going out of business.
- Opportunity through Tech: Rather than viewing these changes as a hurdle, providers should see them as an opportunity to streamline operations and improve the customer experience.
The time has come for the hospitality sector to fully embrace the technology that powers the modern economy.
Further Reading
This commentary follows recent industry data regarding the leap in contactless spending. You can find the original research report here:The Caterer: Contactless spending leaps 34% since the start of 2017
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