The rising trend of cash payments in the UK, which have increased for the first time in a decade according to the British Retail Consortium, is set to revolutionise online shopping. In a pivotal collaboration, payments technology provider Monavate has partnered with e-commerce payments startup, Kasssh, to enable British online retailers to accept cash payments from customers.
The innovative Kasssh payment solution, developed in conjunction with Monavate, introduces a new checkout option for e-commerce operators. This solution offers a broader, more inclusive shopping experience for customers and smoothly integrates with UK retailers' existing payment infrastructures by using apps on platforms such as Shopify and BigCommerce. This is without any required alterations to their backend systems.
This integration provides a seamless way for customers to pay in cash for their online purchases at over 28,000 Kasssh partner locations, including supermarkets, petrol stations, and local newsagents. The solution aims to tap into a formerly unaddressed market segment of UK consumers who prefer cash payments.
The architecture of Kasssh's solution is built on Monavate's proprietary payments platform, MonavateOne. This cutting-edge technology enables online retailers to accept cash payments with minimal disturbance within a significantly reduced development timeframe. Typically, the whole process can be completed in tens of minutes, not months.
The MonavateOne platform provides a comprehensive range of essential payment features, such as BIN sponsorship, fraud prevention, real-time authorisation and funding, and support for Apple, Samsung, and Google Pay, amongst others. These features facilitate the speedy, scalable, and fully compliant development of customised payment infrastructures in both the UK and Europe.
The rise of cash payments comes alongside an existing surge in digital payments. Surprisingly, the fastest-growing demographic of cash users is the 18-24 age group. With one in seven of all retail payments in the UK made in cash and the cost of living pressures encouraging consumers to be more budget-conscious, it seems an ideal time for e-commerce sites to bridge the gap between online shopping and cash payments.
Scott Lucas, CCO and Co-Founder of Monavate, stated: "Our core focus at Monavate is to cut through the unnecessary complexity in the payments landscape and simplify the technology choices that businesses like Kasssh need to navigate when launching their financial products."
Piero Macari, Founder of Kasssh, expressed enthusiasm about the partnership, emphasising their commitment to ensuring a broader range of customers can experience the advantages of online shopping, regardless of their payment preferences. He conveyed excitement about introducing Kasssh to the market, providing both eCommerce retailers and end consumers with a flexible and mutually beneficial way to engage in transactions according to their own terms.
Piero Macari said, "We ensuring that more customers have the opportunity to enjoy the benefits of online shopping, no matter their payment preference. We are truly excited to bring Kasssh to market and allow both eCommerce retailers and end consumers a way to transact with each other on their own terms."