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Cash considered the safest payment method

Categories : Cash generates security, Cash is trust
December 22, 2016
Tags : North America, Payment apps, Payment instruments, Security
A study led by Cardtronics shows that cash is often preferred by consumers depending on the type of purchase.
Communication Team / Equipo de Comunicación

Findings from the Cardtronics 2016 US Health of Cash study indicate that cash is not ready to be replaced by bank cards and new digital wallets as US consumers prefer combining the payment instruments available rather than choosing one over the other. Indeed, 85% of participants reported using at least two different payment methods every month – depending on the type of purchase – and always keep some cash on hand.

According to the survey, expensive purchases are mostly made with debit and credit cards, while paper money is preferred for small-value items, especially in convenience stores. Besides, cash also appeared to be the most popular payment instrument for P2P transactions, despite the rising number of mobile transfer apps on the market. Figures demonstrate that 79% of consumers rely on cash when it comes to pay back friends.

Security is often cited as banknotes’ main appeal. Indeed, 83% of respondents reported to be concerned about their data security and privacy and 93% stated that they fear hackers’ attacks. Finally, 59% of consumers estimate that cash is the safest payment instrument – well ahead of its competitors. 

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