Nationwide, consumers are reshaping how they pay for products to navigate the new normal that we live in. What does this mean for the cash-heavy cannabis industry? According to Hypur’s newest nationwide cannabis consumer payment preference survey, the pandemic is a strong part of the force pushing the cannabis industry to go further cashless.
84% of respondents said they would select a payment method if it would help grow and legitimize the legal cannabis market, including digital payments.
“COVID is reshaping payment methods across all industries,” said Martha Johnson, Chief Marketing Officer at Hypur. “Hypur will continue stepping up and utilizing our best-in-class technology to provide a solution that is keeping up with consumer demands and helping to further legitimize the industry.”
The digital payments company surveyed 400 cannabis consumers over the age of 18 throughout the month of September to see how payment preferences have been reshaped. The survey found that over 50% of respondents have started to use cash less frequently due to concerns of getting or spreading the virus.
Cash is transferred person to person and is notoriously known to be covered in germs and bacteria that can lead to illness. The CDC has recommended the use of digital or cashless payments to keep the spread of the sickness low.
Despite over half of respondents having concerns about the health risks of cash, a majority of respondents still use cash for their payment option since it is the convenient option.
“I think the myth and stigma associated with buying cannabis plays a big role in why some people prefer to continue using cash, but once consumers get comfortable with and trust using digital payment solutions, they tend to stick with it.” Johnson explained.
As consumers continue to worry about their health and consumers turn to using less cash, more shifts in behavior are soon to follow. Since Hypur’s previous survey, there has been a 20% increase of consumers using less cash.