The many statistics offered by the Cardtronics study on cash and payments show how cash is still king when it comes to paying back friends and family, with seven in ten of those interviewed said they preferred to use cash to pay back loved ones.
People want choice in their payment options – and often choose cash.
When it comes to general cash use, 37% of respondents said they use cash more than in previous years while 81% stated that they use cash as often if not more often compared with 2017.
- 81% use cash as frequently or more frequently than in 2017
- 73% use cash regularly despite having more payment options despite having more payment options available
- 70% of people still prefer using cash to pay back friends or family
- 64% feel nervous when they don’t have cash on them
The study’s results showcase once again that no single payment method dominates for consumers – each payment method, cash included, has its preferred use cases, and consumers demand choice.
In addition, the study finds that the intrinsic attributes of cash haven’t changed in consumers’ minds since the annual survey began and that cash, this steady, stable payment method, remains a go-to for consumers of all ages and income levels
Cash matters. Cash is critical to the U.S. economy. Cash maintains an important, even cherished, role within a diverse payments mix.
While various payment options jockey for position in consumers’ physical and virtual wallets, cash remains steadily available and steadily used, providing benefits that make cash unique among payment methods.