February 22, 2019

Over 55s cash in with digital payments

A recent survey on UK payments trends has shown that the digital payment services, such as PayPal, are becoming extremely popular with the older generation.

Despite the older generation being considered as having little experience with technology, over half of those over 55 who were surveyed (64.13 per cent) stated that they use digital methods of payment – not far behind the supposedly super-savvy 18-24 year olds (74.35 per cent).

Even more shocking is that out of the over 55s who said they use electronic payments, 98.92 per cent stated PayPal as their first digital choice.

Worryingly, despite the popularity of online payments, 80.89 per cent of those surveyed agreed that they use their preferred method of payment because it’s easy to do so, not because it’s especially secure or safe.

The survey, conducted by Electronic Point of Sale solution providers, EPoS.co.uk, asked people of all ages, from across the UK, about their payment habits.

As we move further into the future, and digital payment methods become increasingly popular, EPoS.co.uk set out to analyse the UK’s spending trends.

Out of everyone surveyed, just 33.30 per cent of people said they have a payment or banking app on their tablet or mobile phone, showing that physical methods of payment are still prevailing, despite some predictions of the death of cash.

In terms of gender, the survey has shown that men are more cautious with their payments, with 44.55 per cent agreeing that they chose their preferred method of payment because it’s trustworthy.

Women tend to carry more cash in their purse, as 59.61 per cent of females agreed that they have cash on their person on a daily basis.

Daniel Brown, Founder of EPoS.co.uk commented: “It’s becoming more and more important to understand how consumers are paying for things, especially in the retail sector, so that businesses can ensure they remain up to date with how their customers wish to pay.

“The stats we’ve uncovered about how over 55s are spending their money are surprising, but they show the progression that UK consumers are taking towards electronic payment methods.

“However, despite the popularity of electronic payments, our survey has shown that all of the age groups surveyed agree that Britain will still be using cash in 2030. I think it’s safe to say that we can hang on to our bank notes a little while longer”.