• 87% of students prefer to pay with cards over cash

        • A survey by Vista Retail Support has found that 87 per cent of students prefer to pay for goods using debit and credit cards, either contactless or Chip and PIN.

          With students returning from summer holidays, retail and hospitality industries operating in educational centres throughout the UK, look to benefit from student spending. According to ONS data, students spent over £30 billion in 2015, with the figure expected to rise to £37 billion by 2020.

          This survey of students reveals that contactless payment cards (39%) have now surpassed Chip and PIN cards (35%) as the preferred payment method among students, followed by smartphone/wearable payment systems and cash (both 13%).

          James Pepper, Technical Services Director at Vista said, “new forms of payment, particularly contactless cards, are proving to be incredibly popular with young shoppers. With schools and universities starting the new term, retailers who aren’t able to cater to this valuable demographic risk losing out on top marks from students.”

          Students’ main reason for choosing contactless is that it is quicker (90%) than any other form of payment. Students also prefer to use contactless cards because they eliminate the need to carry cash (46%) and make it easier to keep track of spending (18%), both of which could apply to Chip and PIN cards as well.

          With 46 per cent of students saying they would be more likely to spend via contactless cards, and 13 per cent saying they would avoid a shop altogether if contactless payments weren’t accepted, the survey shows a need for retailers to keep up to date with the needs of the market.

          James added, “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.”

        • Stay up to date - Click here and register for FREE OEN online membership and enjoy unlimited access to a host of benefits including the exclusive members area of the website, downloadable business tools, current and back issues archive, priority breaking news alerts, weekly e news summary and the OEN app

        • Related Articles

        • Mother’s Day generosity set for new record this weekend

          Mother’s Day generosity set for new record this weekend

          Wednesday 22nd Mar 2017 by
          Spending this Mother’s Day looks to reach a record high, according to data from Halifax. Brits are said to treat mums to the tune of £79 million this weekend with spending on Mother’s Day itself is up 18 per cent since 2014. In rec...Read More...
          Survey reveals latest consumer attitudes and shopping behaviour at Christmas

          Survey reveals latest consumer attitudes and shopping behaviour at Christmas

          Tuesday 15th Nov 2016 by
          A consumer survey, commissioned by SAS, has revealed the latest consumer attitudes and shopping behavior, highlighting key issues such as buying British, spending habits, Black Friday, AI, the power of suggestion, getting a bargain, and this year&rsq...Read More...
          Telemedicine used by almost 60% of NHS trusts

          Telemedicine used by almost 60% of NHS trusts

          Monday 15th Aug 2016 by
          More than half of NHS trusts across the UK have adopted telemedicine technologies allowing them to diagnose and treat patients remotely, according to new figures obtained from freedom of information requests. The freedom of information requests was ...Read More...
                • About Us

                  OEN is the leading source of business news and information for buyers of office equipment, supplies and services within mid tier and up sized organisations. Our multi-platform approach delivers relevant, engaging and focussed content via our main printed magazine, bespoke guides and supplements, website, digital editions, apps, and newsletters with an unrivalled reach across the industry. A highly trusted and respected brand for many years, the print version of OEN last year celebrated its Diamond anniversary.

                  For our latest Media packs and more details on our range of services click here

                • View Latest Issue