Retailers offering cashless payment systems in the United States include Walmart, Walgreens, MacDonald’s and Subway, reports CardHub. Other retailers possessing cashless payment systems include Southern Refreshment Services, M&M Sales Company and Five Star Food Service, according to Vending Market Watch. In general, only a small proportion — 27 percent — of transactions in the United States involve cash, according to Strategic Business Insights.Continue Reading
Certain restaurant chains, such as Commerce, only accept debit and credit cards, while the large proportion of airlines refuse cash for in-flight purchases, notes The Atlantic. While debit and credit cards remain the prevalent method of paying without using cash, mobile phone-based cashless payment systems are becoming increasingly popular. For instance, Starbucks offers a cashless payment system that allows users to debit the company’s prepaid cards using a smartphone app. By April 2015, the platform boasted 13 million users.
Other mobile-phone based payment platforms include Google Wallet, which can be used to make purchases online or at brick-and-mortar stores, PayPal, the payment platform of choice at eBay, and Apple Pay, a solution that utilizes the fingerprint scanner on certain iPhone models, reports TechRepublic.
Other cashless payment platforms of a similar nature include Square Cash, which relies on a unique system of usernames dubbed $Cashtag; Stripe, a platform that accepts Bitcoins; M-Pesa, which allows users to deposit, withdraw and transfer money; and Samsung Pay, a payment system that utilizes specialized technology built into the company’s Galaxy S6 and Galaxy S6 Edge models, explains TechRepublic.Learn more about Credit & Lending