Cash still king for many consumers
Even in today’s expanding market of digital payment options, cash remains a leading payment form.
That’s according to a survey of over 1,000 consumers by Cardtronics. It shows that in spite of people having access to and using a greater variety of payment methods, cash remains widely used and frequently selected for making all sorts of payments.
“Our survey data clearly shows that in a competitive payments environment, cash is a predominant payment form and sits atop multiple spending categories.” said Tom Pierce, chief marketing officer, Cardtronics.
Cash payments are particularly dominant in the following categories:
Convenience store purchases: Cash: 63%; runner-up Debit at 41%;
Grocery Store: Cash: 52% runner-up Debit at 51%;
Small business: Cash: 49%; runner-up Credit at 43%; and
Restaurant: Cash: 53%; runner-up Credit at 48%.
The Cardtronics survey findings also provided insights into how different demographic groups use cash.
“There is a myth in the marketplace that Millennials have abandoned cash in favor of mobile and other digital payments,” said Pierce. “It’s simply not true. Millennials take an open-minded view of payments and cash plays a pivotal role in their payment choice mix.
While more than half (57%) of Millennials reported using a greater variety of payment methods than before, nearly half (45%) of that group also said that they’re more likely to pay more with cash now than they did a few years ago.
That’s according to a survey of over 1,000 consumers by Cardtronics. It shows that in spite of people having access to and using a greater variety of payment methods, cash remains widely used and frequently selected for making all sorts of payments.
“Our survey data clearly shows that in a competitive payments environment, cash is a predominant payment form and sits atop multiple spending categories.” said Tom Pierce, chief marketing officer, Cardtronics.
Cash payments are particularly dominant in the following categories:
Convenience store purchases: Cash: 63%; runner-up Debit at 41%;
Grocery Store: Cash: 52% runner-up Debit at 51%;
Small business: Cash: 49%; runner-up Credit at 43%; and
Restaurant: Cash: 53%; runner-up Credit at 48%.
The Cardtronics survey findings also provided insights into how different demographic groups use cash.
“There is a myth in the marketplace that Millennials have abandoned cash in favor of mobile and other digital payments,” said Pierce. “It’s simply not true. Millennials take an open-minded view of payments and cash plays a pivotal role in their payment choice mix.
While more than half (57%) of Millennials reported using a greater variety of payment methods than before, nearly half (45%) of that group also said that they’re more likely to pay more with cash now than they did a few years ago.
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