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Tuesday March 30, 06:10
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McDonald’s To Double Card-Accepting Locations
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Of McDonald’s 13,609 US restaurants, just 3,000 are equipped for card payments, but by end-2004, this number may rise to 8,000 after new alliances with the four major credit card schemes and the Star debit network. In 2003, payment cards are believed to have accounted for about 20 per cent of the USD 3.5 billion revenues at McDonalds’ stores in the US. Although McDonalds’ has to pay a fee to the card schemes for each transaction, the retailer has indicated that it would rather do so, than deal with the inconvenience of cash payments or of making trips to the bank.
Cashless payments are gaining traction in the US quick-serve restaurant (QSR) market, which is estimated at USD 138 billion, even if less than 10 per cent of QSRs accept payments with cards. Card payments at McDonalds’ will bring new efficiencies says spokesman, Bill Whitman, in terms of faster payments, reduced time spent in lines, speedier service and increased sales. Visa USA estimates that USD 6.5 billion was spent on its cards at QSRs in 2003, with over two-thirds of this total, or USD 4.6 billion, processed with Visa check cards, according to The Green Sheet.
Dove Consulting has reported that US consumers make 52 per cent of in-store payments with credit or debit cards, versus 32 per cent with cash. Visa also reveals that of more than 100,000 payments at two leading QSRs within a 6-month period, the average card purchase was 30 per cent higher than cash purchases, and 96 per cent of card users were satisfied with the service. Burger King, like McDonalds’, is installing card terminals at its stores, while Visa is catalyzing the uptake of cashless payments at QSRs by marketing solutions to QSR owners and franchisees.
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