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Payment trends

The Future of Payments and What It Means for Your Business

Couple Paying Card vs. Cash
Published: 30.01.2025
N/A minutes read

Payment cards have long overtaken cash as the preferred payment method for customers - no surprise there. For years, cash has been gradually disappearing from checkout counters. But did you know that this shift actually can benefit you as a business owner?

Cash is becoming less common in everyday life, while card and mobile payments have become the norm for most consumers. For businesses, this means a smoother operation, saving both time and money. Here, we take a closer look at why card payments are beneficial for your business—and where the future of payments might be headed.

Convenience

Card payments and their many mobile alternatives allow your customers to pay without worrying about carrying cash. The ability to complete payments quickly reduces wait times at the register and improves the experience for both customers and employees.

Increased security

For business owners, handling less cash means fewer risks. When customers pay by card, the risk of errors, fraud, and theft is significantly reduced. Digital payments are more secure than ever, and fraud related to payment cards has decreased significantly in recent years. This ensures peace of mind for both you and your customers. **

Efficiency and financial savings

While card payments often come with transaction fees, they can be more cost-effective in the long run. Studies show that card payments are more economical than cash transactions. Additionally, business owners save time on tasks like cash counting, bank deposits, and maintaining security measures. This allows you to focus on what truly matters: running and growing your business. ***

Tip: We’ve also published a blog post diving into payment trends across different generations. If you want to learn more about how various age groups prefer to pay, you can read it here

What does the future hold for cash?

Cash still plays a role in society, even as its use declines. One reason is that it serves as a backup in case of technical failures or emergencies. In fact, authorities in several countries recommend keeping some cash on hand for unforeseen situation. **

While the world is moving toward a more digital payment landscape, cash is unlikely to disappear entirely anytime soon. Instead, it will continue to exist alongside digital solutions - providing a physical alternative in an increasingly digital society.

* Danish Financial Supervisory Authority. (2022). Payment report 2022. https://finanstilsynet.dk

** Consumer Ombudsman. (n.d.). Cash regulations and consumer rights. https://forbrugerombudsmanden.dk

*** Nets. (2024). Nordic payment report 2024. https://insights.nets.eu/publication/nordic-payment-report-2024

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Clara Helene Masson
Student Assistant, Marketing, Nets A/S