A survey of 1,006 U.S. adults found that cash still is important for their shopping and that they want a variety of payment options, ATM network operator Cardtronics announced this week.
Cash has carved a prominent place within that blended mix and consumers’ everyday lives. In fact, cash is the most commonly used form of payment in brick-and-mortar stores at 89 percent — compared with 74 percent for debit cards, 66 percent for credit cards, 18 percent for store mobile apps and 17 percent for mobile wallets. The Health of Cash Study also found that 56 percent of consumers use cash as frequently as they did one year ago, and 23 percent are using it even more frequently.
Consumers like cash for a variety of reasons including its immediate fungibility, tangibility, and ability to help people manage their budgets. Cash has a number of advantages and disadvantages when compared with other types of payments, which is why it will remain an option that shoppers want for a long time to come.
Overview by Ben Jackson, Director, Prepaid Advisory Service at Mercator Advisory Group
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