Fri, Feb 23rd 2024
Embrace the Future of Payments: Navigating the Surge in App-Based Transactions
Payment apps are becoming increasingly popular: 59% of companies accept payment via an app in their local stores. Just two years ago, that number was only 40%
This means that payment apps have overtaken credit cards (53%) and debit cards (48%) after being on par in 2021.
In sectors such as hospitality and retail, where private individuals most often pay on the spot, the acceptance of payment apps is even higher: 78% of businesses in the hospitality industry accept mobile app payments, and 73% of retailers do.
Acceptance also increased for bank transfers, while it declined slightly for payment by invoice.
Cash is holding up relatively well, with 92% of companies with face-to-face business accepting it as the most common means of payment. Overall, only a few companies plan to adjust their cash acceptance.
Around 7% of all companies with face-to-face business state that they intend to restrict cash acceptance in the next two years. In contrast, 6 percent of companies are planning to increase cash acceptance.
©Keystone/SDA
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