Cardtronics – a leading non-bank ATM operator – has been examining consumers’ paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More behaviour and preferences since 2015 via its annual study entitled Health of CashMoney in physical form such as banknotes and coins. More. The research is based on a representative survey of 1,000 US citizens and offers information on the popularity and use of various payment instruments available on the market by studying participants’ daily habits.
Results of the 2017 Health of Cash Study indicate that cash remains king in the US payments landscape. Contrary to what digital instrument providers would have us believe, banknotes are preferred by the majority of surveyed people, with 91% reporting using banknotes alongside other instruments. Mobile banking apps, for instance, are used by only 51% of participants. Furthermore, 72% of consumers declared regularly using hard cash, especially thanks to its convenience and ease-of-use, as well as for security and privacy concerns.
Besides, figures demonstrate that 9 out of 10 surveyed consumers favour diversity and rely on at least two different payment methods, depending on the situation and on the value of the purchase. In addition, 61% of participants declared that they would be upset if a retailer refused to accept cash, even if they did not necessarily plan on paying with it. This finding indicates that US consumers attach great importance to their freedom of choice between digital and tangible moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More. A push toward cashless instruments would thus prove extremely counterproductive and, on the contrary, damage people’s trust in governmental and financial institutions.
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