Are We Headed Toward a Cashless Society?
When was the last time you carried around cash? Not only does cash and change weigh down your wallet, but counting the correct change is not quick and holds up the line. More and more Americans are moving toward digital forms of payment, namingly mobile wallet. Why carry around multiple debit and credit cards, when your smartphone can house everything in one place? Mobile wallet is on the rise, in fact according to Reuters, 38% of Americans are willing go cash-free, and about 20% of those surveyed say they already go cashless.
People are paying via their smartphone devices because it is not only quick and easy to purchase items, but most people bring their smartphones everywhere they go. More and more retailers are enabling mobile payments in their store to make the consumer buying process seamless and quick. Brands such as Starbucks, Fuddruckers and Panera Bread are already supporting Apple Pay for their guests nationwide – so consumers expect it. In fact, Apple recently announced a 450% increase in the use of this new service, year over year
In other news, Visa is offering restaurants a $10,000 reward for ditching cash payments and switching over to electronic payments. While cash payments may not go completely away, it is clear the tides are turning toward seamless mobile wallet and payments.
How can you support mobile wallets in your restaurant?
As guests continue to demand flexible forms of payment, it is essential that restaurants stay current and offer the latest in payment technology. E la Carte’s PrestoPrime™ EMV System offers guests a more secure, flexible, and integrated payment option by leveraging contactless, Bluetooth and mobile payment. The PrestoPrime EMV System’s flexible payment capabilities makes it Millennial friendly as well. The PrestoPrime System is compatible with: Android Pay, Apple Pay, Samsung Pay, Chase Pay and MasterPass.
The exciting world of mobile will continue to evolve over time, the PrestoPrime EMV Terminal will remain a key integration point for connecting the physical world of the restaurant with the user’s mobile devices