The method in which consumers pay for goods and services in the UK has hit a new era; there is a shift in how products are purchased. In a world whereby making payments is becoming increasingly easier, business models should evolve with the times to meet the demands of consumers to provide convenient payment methods.
In 2015, 38.2 billion payments were made in the UK (more than 72,000 payments per minute) - 3.9 billion of which were made by businesses. A more recent report from Payments UK indicated various factors behind the recent shifts of payment methods include: new technologies, changing preferences and expectations, regulation and legislation, consumer convenience and competition and collaborative developments.2
There is a new business model in the mix that modernises the traditional payment process so that the end consumer does not end up paying for anything. Free2Cycle provides employees, regardless of income, with a free bike that is earned through pedal power. The cyclist earns his/her bike through ‘pedal power’, which becomes the currency as opposed to cash. In effect, by removing the traditional cost barrier, cycling initiatives like Free2Cycle will help to open up the cycle commute market to unlock a potential 7 million new cyclists on our roads in Britain.
In order to evolve with the times - and launch a behavioural change plans that benefits everyone, the health-promoting initiative encourages employees who choose to cycle to work by introducing rewards for cyclists who hit achievable targets.
Experts believe that such gestures between employer and employees can lead to significant beneficial outcomes and overall business and productivity in the workplace. Simon Stevens, NHS England Chief Executive, said: “Health-promoting workplaces are obviously good for millions of employees and ultimately for taxpayers too, so the time is right for all employers - including the NHS - to raise our game.”
The proven benefits for employers who sign up to such initiatives include:
To find out more information on Free2Cycle, visit www.free2cycle.com