King cash … for now

SGF Conference 2016.. Photograph by Mike Wilkinson....13/10/16 Copyright photograph by Mike Wilkinson. Contact Mike on 07768 393673
Steve O’Neill, PayPoint

IN one of the early presentations at the SGF Conference on its theme of Thrive in an era of change Steve O’Neill, group marketing director of PayPoint told the audience that technology can help retailers a great deal but convenience would always be about people.

There were often misunderstandings about current trends, he said. Figures that suggested that less than half of transactions are now done by cash only applied if you counted the business of all the financial institutions. Strip those out and cash is still king, he explained. But that was changing as a result of contactless payments for low-value transactions.

Smart phone penetration is very high among all social groups  including relatively low-income people who live day to day. And many consumers say they welcome the way technology can aid their shopping.

But around half of retailers don’t have EPOS. And many retailers could make very much better use of social media, he said.