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«In cash or card?». Will this question disappear in restaurants thanks to the coronavirus?

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There is a global macro-trend towards the disappearance of cash. That payments are executed one hundred percent digitally is the dream of any accountant. Governments are in favor as it would reduce the incidence of very scaly issues such as tax evasion, while the user would free up space in their pockets. Disposing of coins and bills also leads to material savings, and in times of coronavirus, It is easy to see how the substitution of cash for contactless payment methods or contactless it would be a breakthrough in public health.

That is why it is questionable whether the question «In cash or card?»To which the cashier staff of all kinds of shops are so accustomed will disappear in the short or medium term. There are market analysts who think so, and that they also defend that one of the first fronts where this adaptation could take place is in restaurants.

In a gesture to regain confidence in the services they provide, professionals in the restaurant sector have been quick to facilitate contactless payment methods, mainly through digital wallets such as Apple Pay O Google Pay, apps mobile phones that anyone has access to today thanks to the great market penetration of the smartphones. Who does not have a mobile in his pocket when going out?

As well, with a couple of right clicks, our terminal can become a wallet. Digital wallets allow you to manage your funds through the touch screen Y, Of course, this includes such mundane tasks as executing payments for meals we make in restaurants.

Use this payment method, comfortable and simple, has the advantage of minimize contact surfaces shared with other people (for example, those that we touch when passing our card through the reader) while facilitating compliance with social distancing measures. Although it is possible to pay in a contactless by approximation through the use of technology bluetooth, the most logical thing is that the app wallet remotely.

Taking the US market as an example. THE. we can see that, in just the first quarter of this year, establishments where cash is not accepted have passed a 8% yet 31% of the total. It should also be noted, that among the new accepted payment methods, no preference is given to credit cards. In addition to not solving the problems that we are facing today, credit cards incur huge expenses in the form of commissions in the US. UU., therefore its use is usually unwanted in the restaurant sector, where profit margins are already tight without the need for a financial institution to interfere in the performance of the premises.

While is true that, after the general reopening of restaurants throughout the country, the percentage is somewhat lower, around the 20%. Nevertheless, this value is not incompatible with the trend pointed out by analysts, just express that the technology is in its first phase of implementation, only pioneer users are getting the most out of digital wallets.

On the other hand, although the digital transformation restaurants it is a reality that every day brings us new news about the changing environment of the sector, the coronavirus crisis has recovered some traditional payment methods practically forgotten by professionals in the sector, how can the checks be, advance bank transfers or even the sale of coupons prior to entering the premises.

Nevertheless, these almost obsolete forms of payment cannot compete with the additional advantages that digital wallets confer. One of the characteristics of these systems that fast food chains most appreciate is the high speed of payment management, which far exceeds the times recorded when serving the diner at the checkout. Thus, some places whose capacity has been limited to guarantee the welfare of the population have been able to increase by 15% sales made every hour, a very substantial change that in a situation as complicated as the one we currently live in is everything.

In the same way, no restaurateur is ignorant of the fact that digital wallets offer a great integration with reward systems for customers and loyalty tools, so fashionable now that Starbucks, McDonald’s and other industry giants have proven themselves.

In the same way that payments can be made completely digitally and electronically, redemption of prizes and discounts can be done by requiring discount codes, digital bonuses or electronic gift cards when the accumulated points reach the threshold established by the restaurant brand, without any risk to the user, simply using your mobile phone.

In Spain, Meanwhile he 82% of the population have a credit card, there are 114 mobiles for each 100 people, denoting greater accessibility of technology. This shows that exploring contactless payment methods through digital wallets is an interesting bet for restaurants, especially if the number of visitors who pass through the business is high and you want to act on the average waiting times and service. Reducing these times not only affects the profitability of the establishment, but it has a beneficial effect on the user experience of the diner, which in turn affects the public perception of the business and the ability of the brand to project itself effectively through advertising.

Switch to payments contactless is looking to the future, and as we opened the article, It is possible that the «In cash or card?»Become part of the corporate cultural heritage of the past. The coronavirus has transformed our lives and the restaurant must adapt to the new hospitality industry.

About the Author

Article by the editorial team of DiegoCoquillat.com. It has professionals both in the field of hospitality, gastronomy and tourism, and new technologies and innovation.

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