New survey: 87% of students prefer cards over cash
A new survey has found that 87% of students prefer to pay for goods using debit and credit cards, either contactless or Chip and PIN.
The survey by Vista Retail Support has revealed that contactless payment cards have now surpassed Chip and PIN cards as the preferred payment method among students, followed by smartphone/wearable payment systems and cash.
However, the survey has revealed a gulf between students’ preference and choice. Chip and PIN payment cards were the most common method of payment at 45%, followed by contactless payment cards, which only 36% of students said they used most often when shopping in-store. Some 46% of students polled said they would be more likely to frequent a business that offered reliable payment via contactless cards.
Meanwhile, 13% of those surveyed said they would avoid a shop altogether if contactless payments were not accepted, while 52% said they would avoid a shop if it did not enable payment by cards in general.
James Pepper, technical services director at Vista, said: “Our survey shows a significant shift in how students are choosing to pay for their goods and how they’re willing to avoid retailers who don’t allow room for choice. For canny retailers who have put the right solutions in place, however, the potential gains could be huge as local students become loyal customers.”
