Globally Local introduced the world's first 24-hour vegan drive thru and has recently become a cashless restaurant. The change was implemented last February and has resulted in phasing out cashiers completely from the restaurant. The self-checkouts accept debit, MasterCard and Visa and will decrease the prices and increase efficiency. Cashless restaurants also increase safety for workers by discouraging robberies.
From a business perspective, this makes fiscal sense, however experts agree going cashless encourages more spending as “it’s psychologically more painful to pay in cash,” Rod Duclos, a specialist in behavioral psychology, stated. Globally Local understands this may deter a sector of consumers and will accept cash with managers present. These consumers are in the minority, and experts predict that cash use in the next ten years will decrease to 10% of all transactions.
As paying electronically becomes increasingly easier with features like Apple Pay and Tap, cashless restaurants may become the norm in the future.
Image Credit: Andrew Graham, 980 CFPL
Why This Trend Is Growing
- Cashless Restaurants
- Opportunity for businesses to implement cashless payment systems, increasing efficiency and safety while encouraging more spending.
- Self-checkout Systems
- Opportunity to replace cashiers with self-checkout systems, reducing labor costs and increasing efficiency.
- Decreasing Cash Usage
- Trend towards decreasing cash usage in favor of electronic payments, with experts predicting cash transactions to decrease to 10% in the next ten years.
Industries Being Reshaped
- Restaurant Industry
- Cashless restaurants present an opportunity for the restaurant industry to streamline operations and improve customer experience.
- Payment Technology Industry
- Opportunity for the payment technology industry to develop innovative cashless payment systems that cater to the needs of cashless restaurants.
- Retail Industry
- Retailers can explore the implementation of cashless systems in their stores, providing convenience and improved security for both customers and employees.
