Consumer appetite for spending cash also on the rise in the countdown to Christmas, reveals PayPoint
7th December 2022 – New research from PayPoint reveals the cost-of-living crisis has stimulated a surge in personal saving, with 50% of Brits having put money aside throughout this year to help with the financial burden Christmas brings.
Gender, age and household income have no bearing on people’s decision to save ahead as a result of rising inflation, taxes and prices of goods and services. However, consumers living in the North East, East Midlands, London, Wales and the North West are most financially prepared for the season of goodwill.
The independent survey of 500 UK consumers commissioned by PayPoint also reveals that almost one in three people prefer to use cash during the festive period, opposed to digital payment options, as it makes them feel more in control of their finances and budget more economically. Men (45%) more than women (29%) share this sentiment, as do consumers from Northern Ireland, Scotland, Wales and the East Midlands in England.
Alex Kemp, Head of ATM & Cash Solutions at PayPoint, said : “Although Christmas might be fast approaching, many of those who have been feeling the financial pinch this year have been cautiously putting money aside for months. Whilst many have saved primarily to soften the expense that the season brings, it appears people are choosing to spend the money they’ve saved in cash, so that they can better control their outgoings. The challenge for many, however, is having convenient access to cash so that they can spend what they need, when they need it.”
The news comes as PayPoint’s Counter Cash service, offering cashback-without-purchase in over 4,500 locations, has topped more than £1million in cash withdrawn per week. Counter Cash allows people to withdraw money of any denomination between £0.01 and £50.00, ensuring that they can access very specific amounts in their bank accounts if they need to. The service is helping consumers stay in control of their finances through the cost-of-living crisis and is now the largest at-scale access-to-cash initiative in the UK.
For tens of thousands of businesses and millions of consumers, we deliver innovative technology and services that make life a little easier.
The PayPoint Group serves a diverse range of organisations, from SME and convenience retailer partners, to local authorities, multinational service providers and e-commerce brands. Our products are split across three core business divisions:
- In Shopping, we enhance retailer propositions and customer experiences through EPoS services via PayPoint One, card payment technology, Counter Cash, ATMs and home delivery technology partnerships in over 60,000 SME and retailer partner locations across multiple sectors. Our retail network of over 28,000 convenience stores is larger than all the banks, supermarkets and Post Offices put together.
- In E-commerce, we deliver best-in-class customer journeys through Collect+, a tech-based delivery solution that allows parcels to be sent, picked up and dropped off at thousands of local stores.
- In Payments and Banking, PayPoint helps companies and their customers make and receive payments quickly and conveniently. This includes PayPoint’s digital payments platform, MultiPay, and a digital voucher offering that provides vital consumer access to cash across our extensive retail network. PayPoint also supports its eMoney clients with purchase and redemption of eMoney across its retail network
Together, these solutions enable The PayPoint Group to create long-term value for all stakeholders, including customers, communities and the world we live in.
Contact HSL for more information
Justine Hoadley or Matthew Enderby
020 8977 9132