Survey launched to assess use of cash and digital payment solutions by businesses

A survey for businesses has opened today to gather views on the use and access to cash and digital payment options across the Isle of Man.

The survey will collect information on a number of key topics to assess the levels of cash taken by businesses, the barriers businesses face when accepting and banking cash, the use of digital/mobile payment solutions and a review of options around cashback services.

Businesses who take payment for goods or services, online or in-person, from all sectors of the Isle of Man are strongly encouraged to share their views to inform future policy decisions and to review possible schemes to support further adoption of digital payments solutions. The survey can be accessed through this link.

Dr Michelle Haywood MHK, Political Member for the Department for Enterprise with responsibility for Business Isle of Man commented:
‘In recent years, there have been major shifts in how consumers make payments with a preference towards cashless methods. Digital payments are often more convenient and efficient, and being contactless they are also seen as cleaner, following the Covid pandemic.

‘However, when considering the future of payment solutions the Department needs to ensure that we take into account the needs of all individuals within the community. This is why in tandem to the survey for businesses, the Government will also conduct a public consultation for all Island residents in the coming weeks.’

Dr Haywood added: ‘Adapting and modernising the local economy is a key objective within the Economic Strategy and this survey aims to ensure that businesses are not facing any unnecessary obstacles when it comes to taking payments, be it cash or digital.

‘We would welcome feedback from businesses, to help inform a review of ways we can further support local businesses, charities and third sector organisations with their payment options.’
The survey will be open for responses for six weeks and has been launched following the publication of the Access to Cash Report 2022, commissioned by the Department for Enterprise in January 2022. The report was developed as a result of the recent major shifts in how consumers and businesses are using cash, with the Covid pandemic being a catalyst for change.