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 Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
For the fourth consecutive trading session, the Nigerian Exchange (NGX) Limited closed higher on Friday by 0.63 per cent on sustained renewed buying pressure.
Apart from the energy and industrial goods sectors which closed flat, every other sector ended in the green territory, according to data obtained from the bourse.
Business Post reports that the insurance index appreciated by 1.52 per cent, the banking space improved by 0.63 per cent, and the consumer goods counter expanded by 0.46 per cent.
As a result, the All-Share Index (ASI) gained 617.47 points to settle at 99,378.06 points compared with the preceding day’s 98,760.59 points and the market capitalisation went up by 375 billion to close at N60.242 trillion, in contrast to Thursday’s closing value of N59.867 trillion.
The volume of transactions on Customs Street yesterday grew by 11.13 per cent to 544.2 million shares from the 489.7 million shares transacted a day earlier.
The value of transactions increased during the session by 49.30 per cent to N10.6 billion from N7.1 billion and the number of deals went up by 1.93 per cent to 8,464 deals from the 8,304 deals posted in the previous trading session.
The busiest equity for the trading day was Japaul with the sale of 71.7 million units valued at N158.0 million, eTranzact exchanged 70.7 million units worth N477.5 million, Tantalizers sold 57.3 million units for N101.2 million, FCMB traded 33.0 million units worth N297.3 million, and Universal Insurance transacted 27.1 million units valued at N9.6 million.
A total of 36 stocks ended on the gainers’ chart, while 15 stocks finished on the losers’ table, indicating a positive market breadth index and strong investor sentiment.
The trio of Aradel Holdings, Ikeja Hotel and Caverton gained 10.00 per cent each to trade at N550.00, N8.80, and N1.98, respectively, as Africa Prudential rose by 9.87 per cent to N17.25 and Golden Guinea Breweries soared by 9.64 per cent to N8.64.
On the flip side, Austin Laz lost 10.00 per cent to close at N1.62, ABC Transport crashed by 8.00 per cent to N1.15, Royal Exchange slumped by 7.69 per cent to 60 Kobo, Secure Electronic Technology plunged by 5.26 per cent to 54 Kobo, and The Initiates crumbled by 4.26 per cent to N2.25.
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