Economy
Startups Are Attracting More Customers With Easy Cashless Payment Options
A whopping 84% of consumers globally now consider speed and convenience as the top reasons for choosing a payment method.
The use of cash for transactions has been steadily declining worldwide. According to PwC’s report, global cashless payment volumes are projected to increase by over 80% from 2020 to 2025, reaching nearly 1.9 trillion transactions.
Nowadays, offering easy cashless payment options is no longer a perk but a necessity for startups. It allows them to cater to a tech-savvy customer base and stay competitive in the market.
Therefore, easy cashless payment options are becoming a key factor for startups to attract more customers and ensure their success in the digital age.
The Adoption of Cashless Payments
The growing popularity of cashless payments can be attributed to several key factors, and considering these factors is important for any startup that wants to focus on customer experience.
The first factor is convenience. Cashless payments offer a faster and more convenient checkout experience. With the tap of a phone or a few clicks online, customers can complete transactions without the hassle of carrying cash or fumbling with change.
The second one is security. Many cashless payment methods, like digital wallets, come with proper security features like encryption and two-factor authentication, which can be more secure than carrying physical cash.
The third factor is all about speed. Cashless transactions are significantly faster than cash transactions, particularly for small purchases. This means shorter queues and a more efficient shopping experience for both customers and businesses.
The fourth one is to promote digitalization. The increasing popularity of online shopping and e-commerce platforms has significantly contributed to the shift towards cashless payments. Cashless options are the natural payment method for these digital transactions.
The Market Size And Growth Of Cashless Payments
The global cashless payment market is experiencing phenomenal growth. According to a report by Mordor Intelligence, the market was valued at USD 6.68 trillion in 2022 and is expected to reach a staggering USD 23.39 trillion by 2027, growing at a CAGR (Compound Annual Growth Rate) of 23.4%.
The Impact of Covid-19
The COVID-19 pandemic acted as a major catalyst for the adoption of cashless payments. Concerns about physical contact and the spread of germs through cash handling led to a surge in the use of contactless payment methods like mobile wallets and digital payments. This shift in consumer behavior is expected to have a long-lasting impact on the future of payments.
Why Easy Cashless Payments Matter for Startups?
Today’s startups know that offering easy cashless payment options is no longer a luxury for startups; it’s imperative for businesses.
Millennials and Gen Z, the largest and most tech-savvy consumer demographics, overwhelmingly prefer cashless transactions. Studies show that 67% of Millennials and 44% of Gen Z prefer to use mobile wallets for in-store payments. By offering easy cashless options like Apple Pay, Google Pay, and other digital wallets, startups can tap into this vast and growing market segment.
Cashless payments simplify the checkout process, leading to a faster and more convenient customer experience. Customers can complete transactions in seconds, eliminating long lines and the hassle of carrying cash. This translates to increased customer satisfaction and loyalty, which are crucial for any startup’s success.
Studies by Baymard Institute show that a staggering 70.19%% of online shopping carts are abandoned before checkout. One of the main reasons for cart abandonment is a cumbersome or confusing checkout process. By offering easy cashless options, startups can reduce cart abandonment rates and ensure a smoother checkout experience, which ultimately leads to increased sales and revenue.
Cashless payments allow for automated and streamlined financial processes. Startups can say goodbye to manual cash handling and reconciliation, reducing errors and saving valuable time and resources.
Additionally, cashless transactions provide real-time data and insights into customer spending habits, allowing startups to make data-driven decisions and optimize their business strategies.
How Startups Can Use Easy Cashless Payment Options?
In the competitive world of startups, offering a seamless and convenient payment experience is crucial to attracting and retaining customers.
Popular Digital Wallets
Millennials and Gen Z are driving the mobile wallet revolution. Integrating popular digital wallets like Apple Pay, Google Pay, and Samsung Pay into your payment system is essential. These solutions offer a fast, secure, and contactless way for customers to pay, significantly enhancing their checkout experience.
Diverse Payment Preferences
While digital wallets are gaining traction, it’s important to offer a variety of cashless payment methods to cater to a wider customer base. This may include traditional options like credit cards, debit cards, and net banking.
Additionally, consider offering regional payment solutions that are popular in your target market to ensure maximum customer convenience.
Secure Payment Gateways
Security is paramount when dealing with financial transactions. Partnering with a reliable and secure payment gateway is essential for protecting customer data and ensuring smooth transaction processing. Look for a gateway that offers features like fraud detection, encryption, and compliance with industry security standards like PCI DSS.
Transparency is Key
Customers appreciate clarity and ease when making purchases. Make sure your website or app clearly displays all accepted payment methods with logos and any associated fees.
Additionally, provides a secure and transparent checkout process that guides customers through each step without confusion.
By implementing these strategies, startups can leverage the power of easy cashless payments to attract new customers, boost sales, and gain a competitive edge in the market.
Summing Up
As contactless payments and even cryptocurrency gain traction, staying ahead of the curve in cashless solutions is crucial. If you are interested in crypto payment then you need to stay in touch with the market using tools like everix Peak. By embracing these trends and prioritizing a seamless customer experience, startups can unlock a world of opportunity, attracting new customers, boosting sales, and establishing a strong competitive advantage in the ever-evolving marketplace.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited came under heavy selling pressure on Tuesday, going down by 1.66 per cent as investors embarked on profit-taking after most stocks on the trading platform gained in the past few trading sessions.
It was observed that the industrial goods sector was the most affected yesterday as it went down by 4.99 per cent due to the decline suffered by Dangote Cement and others.
The insurance continued its downward trend during the day as it lost 2.80 per cent, the consumer goods counter fell by 0.27 per cent, and the banking index shed 0.10 per cent, while the energy sector appreciated by 0.29 per cent.
At the close of business, the All-Share Index (ASI) deflated by 1,745.16 points to settle at 103,622.09 points compared with the previous trading day’s 105,367.25 points and the market capitalisation moderated by N1.1 trillion to finish at N63.188 trillion versus Monday’s N64.252 trillion.
Business Post reports that investor sentiment remained weak on Tuesday after the bourse ended with 41 depreciating equities and 23 appreciating equities, representing a negative market breadth index.
Honeywell Flour lost 10.00 per cent to trade at N9.54, Dangote Cement declined by 9.98 per cent to N431.00, Julius Berger crashed by 9.98 per cent to N139.80, Sovereign Trust Insurance decreased by 9.68 per cent to N1.12, and Prestige Assurance tumbled by 9.30 per cent to N1.17.
On the flip side, Northern Nigerian Flour Mills appreciated by 10.00 per cent to N45.10, Livestock Feeds grew by 9.91 per cent to N6.10, Academy Press expanded by 9.90 per cent to N3.22, University Press increased by 9.82 per cent to N4.81, and Neimeth gained 9.76 per cent to quote at N3.15.
During the session, market participants bought and sold 503.3 million shares valued at N12.6 billion in 12,900 deals compared with the 505.8 million shares worth N8.1 billion traded in 14,259 deals a day earlier, indicating a rise in the trading value by 55.56 per cent and a drop in the trading volume and number of deals by 0.49 per cent and 9.53 per cent, respectively.
The most active stock for the session was GTCO with 54.4 million units worth N3.2 billion, Nigerian Breweries transacted 32.2 million units for N1.0 billion, Universal Insurance traded 30.8 million units valued at N22.6 million, AIICO Insurance exchanged 26.6 million units worth N47.2 million, and Chams transacted 20.0 million units valued at N40.9 million.
By Adedapo Adesanya
The federal government is offering two new savings bonds with interest rates between 17 and 18 per cent through the Debt Management Office (DMO).
In a statement by the agency, the country said retail investors can purchase the two-year bond maturing in January 2027 at 17.23 per cent interest, while the three-year paper maturing in January 2028 at a coupon rate of 18.23 per cent.
Bonds are very safe financial instrument that serve as investments because they are backed by the federal government, which promises to pay back the money.
According to the DMO, people can buy these bonds starting January 13, 2025, until January 17, 2025, with allotment expected on January 22, 2025, and the interest to be paid to investors every three months – in April, July, October, and January.
These bonds have some special features. They are tax-free under both company and personal tax laws.
Big investors like pension funds and trustees are allowed to buy them and each bond costs N1,000 each.
However, interested investor can only buy at least N5,000 worth, and can’t buy more than N50 million.
This comes after the Ms Patience Oniha-led debt office said the Nigerian government was offering three bonds worth N150 billion in September 2024.
By Aduragbemi Omiyale
The House of Representatives has said it would make efforts to pass the controversial tax reform bills forwarded to the National Assembly by President Bola Tinubu last year.
Mr Tinubu, in a bid to improve revenue of the government, asked the parliament to pass the bills, but this has been resisted mostly by northern lawmakers and others.
At the resumption of plenary session on Tuesday in Abuja, the Speaker of the House of Representatives, Mr Abbas Tajudeen, assured that the green chamber of the legislative arm of government would prioritise the tax reform bills.
“The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.
“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.
“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable,” Mr Abbas said through the Deputy Speaker, Mr Ben Kalu, who presided over the session.
He also expressed grief over the loss of lives in stampedes in Ibadan, Abuja and Anambra State last month due to hardship in the country.
Several Nigerians died in the stampedes while trying to receive palliatives given to alleviate their sufferings.
“Tragic events, such as the stampedes in Ibadan, Abuja and Okija, during the distribution of palliative aid, underline the urgent need for improved planning and safety protocols in humanitarian efforts. On behalf of the House, I extend our deepest sympathies to the families and communities affected.
“These incidents serve as a stark reminder of the socio-economic hardships facing our citizens and the imperative for policies that tackle hunger and poverty at their roots.
“Turning to the economy, 2024 presented both difficulties and opportunities. While inflation remains a pressing concern, progress in GDP growth and the positive trajectory of economic reforms provide hope for a more stable and prosperous 2025,” the Speaker said.
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