Consumers’ feelings towards cash are far more sophisticated than you’d expect. Many of the reasons why consumers value cash are surprisingly emotional.

Its value to consumers goes beyond just what it can buy:

• Community – One of the strongest drivers for cash use is its close association with the community, from protecting favourite shops to education and social inclusivity.
• Uncertainty – Cash is a beacon of reliability in difficult situations with over two-thirds (69%) of consumers surveyed carrying cash in case of an emergency. Where uncertainties arise, cash still has a strong appeal.
• Security – Relentless data gathering techniques used to create ‘personalised’ services are causing concerns. More than three-quarters of consumers (81%) say that they use cash to minimise data sharing.
• Budgeting – In the face of the current cost of living crisis, cash has become the preferred method of household budgeting. Over a third (34%) of those surveyed prefer using cash to manage their spending.

Despite cash often being viewed as moribund, a staggering 89% of consumers surveyed consider the ability to pay in cash as important for their customer satisfaction.

Marketeers strive to create positive emotional associations surrounding their brand. They’d be horrified to know that going cashless is undermining those efforts.

Organisations that tell customers that they can’t pay with cash are igniting negative emotions. These feelings range from disappointment (31%) to frustration (21%), and even anger (17%).

Such a negative experience is likely to impact or even destroy the lifetime value of customers. This could be detrimental to business probability, where customers are lost due to lack of cash payment options. Businesses need to be progressive and view cash as a customer acquisition strategy.

The case for taking cash seriously is strong, but it presents problems for many organisations.

Dedicated processes, hardware, staff training, and security have all added to the idea that the cost of cash management can be costly.

But new smart hardware and technology can turn cash acceptance into a great opportunity to support the long-term sustainability of a business.

Given the strong consumer feelings around cash and the consensus among organisations that cash is here to stay, it’s time to evaluate what CashTech can do for your organisation.

In the full report, PayComplete reveals consumer perceptions and behaviours towards physical cash across key global markets. It compares and contrasts those with high and low cash use.

It reveals strong and surprising consumer attitudes to cash in today’s society. The report will be essential reading for anyone from CEOs to CMOs and CFOs to organisations that support social and financial inclusion.