Paypal takes a look at the cashless utopia
In the last month, 3 people told me they were reluctant to make a payment online. They were concerned about putting that “kind” of information online. They were afraid it might not be secure. But these same people wouldn’t think twice about handing their credit card over to a waiter at a restaurant. A waiter who walks away with it and could easily use it to buy a TV on Amazon while you’re finishing desert.
Funny how we trust people but not machines. The shame of it is, those machines could save us all a lot of time and cut down on our stress!
Paypal surveyed 15,000 people in 15 countries and asked them how they felt about living in a cashless society. 78% agreed that paying online was ever so easy, but 40% said they wouldn’t do it with a mobile device.
People all over the world loved the idea of no more lines at the store. The people of China and Turkey were happy to do away with the bulky wallet. Australians said absolutely – if it would eliminate all the problems that come with splitting a bill at a restaurant.
But the majority of respondents weren’t ready to go cashless just yet.
62% are worried about online fraud and 57% worry about their payment information being stolen. That’s hard to overcome, but there are some smaller objections that online sellers can do something about right now.
For example, 38% say they’re annoyed by hidden charges that pop up at checkout. My son complains about this all the time. He’s on a limited budget so an extra $5 handling fee on a concert ticket is enough to make him walk away. Stop with the hidden charges. If you have to add $’s on for some reason, make sure it’s clear BEFORE the customer hits the checkout button.
39% complain about having to register before you buy. I’m part of that group. My information is all over the internet yet I still have to create an account, and a password, and verify my account and fill in all my data every time I want to shop somewhere new. It’s enough to send me straight back to Amazon. Let’s do what we can to cut down on the registration requirements.
Cashless is coming. I’m almost there and because of it, I feel bad every time I walk by a Girl Scout cookie table or charity bell ringer. 35% of Canadians in this survey said they were worried about the young, lemonade stand entrepreneurs. How can they stay in business without cash? Paypal simply has to make a kid friendly version of their site that allows little ones to take payments via their smartphone. Do that and business on both sides would be booming.
How do you feel about the idea of a completely cashless society?