Paying with cash will become less and less important in the future: half of the Dutch (47%) think that it will no longer be common practice to pay with cash in five years’ time. This is reflected in the annual Visa Mobile Payment Monitor*, a representative market survey among 1,071 Dutch citizens in collaboration with Forsa. A third of the Dutch (32%) have already written off cash and rarely or never carry cash. What does the future of payments in our country look like? About fifty percent (52%) think that mobile payment – via smartphone or wearable – will become the standard.
While the popularity of mobile payments is on the rise, the debit card remains the preferred means of payment in the Netherlands, with 63 percent of the Dutch people prefer this method of payment. Cash will follow (17%), but payment via smartphone will soon follow, which is now preferred by almost the same number of Dutch people (15%). The Dutch are mainly a fan of contactless payment. Almost everyone (93%) has now made a contactless payment in a store. Even after corona, the Dutch will continue to pay contactless because it is fast, safe and hygienic.
In addition to contactless payments, mobile payments, via smartphone or wearable, are also on the rise. 71 percent of mobile payers are so satisfied that they can no longer do without this payment method. The most frequently mentioned advantages of mobile payments are being able to leave your wallet at home (32%) and the time saved in the queue at the checkout (31%).
Interested, but not convinced yet
The group that does not yet use mobile payments may soon change tack: one in three non-users (32%) say they want to try out mobile payments in the next twelve months. The main reasons for not using mobile payments yet are the invisible advantages compared to other payment methods (38%), concerns about security (28%) and not wanting to grab a smartphone or wearable at the cash register. the store (20%).
Security assurance
Ensuring security is an important factor for the payment industry. To ensure that consumers can make purchases in a secure manner, there are various verification methods. Entering a PIN is the most commonly used authentication method by mobile payers (42%), followed by facial recognition and fingerprint (36% each). When paying by card in shops, more than a third of respondents (37%) fear that card details could be misused or stolen by third parties. Concern is greater for payments on the internet, where just over half (52%) are concerned.
“In addition to convenience, security is one of the most important pillars for digital payments,” says Jos van de Kerkhof, Country Manager at Visa Netherlands. “Visa’s Zero-Liability Policy guarantees protection in the event of loss, theft or fraud involving a Visa payment, both online and offline. Consumers want to have confidence in their purchases and that is why we support retailers in offering a fast, reliable and secure way of paying. The increase in the popularity of mobile payments is therefore no surprise. We expect the growth of digital payments to continue in the coming years.”