Efforts to get rid of cash continue apace, but when consumers are asked if they want a cashless society, the answer is a resounding no. The Financial Brand has pulled together some of the research that shows that cash remains resilient.
But a cashless society remains an elusive myth — both today and for the foreseeable future, with 79% of U.S. consumers in Cardtronics’ research claiming that they can’t imagine a world without cash. 83% of respondents said they would miss cash if it went away, and 85% believe cash will never go out of style. And while digital and mobile payment adoption is rising, a moderate pace of adoption indicates that consumers are complementing the use of cards and cash rather than replacing them large-scale.
The benefits of cash as a payment method show that payments companies should be developing cash inclusion strategies to find ways to give consumers access to cash and integrate as part of their overall financial lives. Those companies that provide the most consumer choice will emerge the winners over the long term.
Overview by Ben Jackson, Director, Prepaid Advisory Service at Mercator Advisory Group
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