Utilising cash gives consumers greater control over their spending according to the latest data from the Gambling Commission.
The data detailed that a significant amount of consumers view cash as the most efficient way to keep tabs on the money that is being spent when gambling, as 79% of those asked detailed that they believe it helps them control their spending speed.
Nevertheless, 85% of land based players revealed that they feel a cashless payments method, such as a debit card or mobile phone, leads to it becoming easier for them to spend a greater amount on gambling.
The spike in contactless payments, however, is something that has been driven by consumer demand, as numerous new trends have grown in a bid to reopen the retail sector and minimise the spread of coronavirus.
In a recent interview with SBC, Brad Hyett, CEO of Phos, the fintech behind the first-ever software-only Point of Sale (SoftPoS), emphasised to Payment Expert why he believes the growth of contactless will only heighten as we navigate beyond the pandemic.
He stated: “You have a constant consumer hunger for improvements, whether it is checkout experience, reduced queuing times or the way that they are able to interact and experientially pay for something, even if that’s down to walking out of the store without ever removing their wallet from their pocket, which we have now seen in a couple of places.
“The user experience of the contactless flow is a very straightforward one, being able to take out your phone or your card and just tap and pay and go, is significantly improved on pin. It’s significantly improved on putting your card into the device of someone else, specifically when you are not familiar with the brand, the idea of holding onto what is yours is something people feel comfortable with.”