When the going gets tough ... The cash gets going
One item of news that stood out about the citizens of Cyprus struggling to come to terms with their predicament, was that the British government have effectively underpinned Cash as the default payment method in a time of crisis, as "Britain flies out cash
While the banks in Cyprus remain closed, cash is currently the only trusted means of payment available. It is somewhat ironic that the original cause of the problems is the large influx of cash seeking a "no questions asked" home off-shore.
Meanwhile, in other news this week Pret reported a surge in contactless payments which shows that when a new payment method is well executed and offers both speed and convenience it is quickly adopted by customers. These customers no longer question the underlying
technology, security, etc, but instead now focus on their main issue - what to have for lunch?
These two contrasting reports in the same week show that people choose the payment method that the feel most comfortable with in the specific circumstances - it is (mostly) their choice.
In order to see more stories about the success of future payment methods, it is time to focus less on pure technology and more on achieving great customer centric execution, so it offers natural convenience, real value and a simple adoption path for the end
© Finextra Research 2014