Consumers now have more choices than ever when it comes to making payments. New mobile payment apps are coming on the scene in staggering numbers, while plastic cards are enjoying a renewed vigor with the implementation of EMV technology.
Even so, consumers continue to turn (and turn often) to the old payment standby: cash. In fact, a recent CardTronics survey found cash to be the preferred payment method in a variety of remittance situations. Among those surveyed, cash was the first choice for:
- Reimbursing someone —78 percent
- Buying groceries —52 percent
- Purchases at convenience stores —63 percent
- Dining out —53 percent
- Tipping —78 percent
Interestingly, it’s not just older generations paying with cash. Millennials reported the strongest increase in cash usage (over a 12-month period) than any other demographic. Fifty-seven percent of Millennials said they used a wider array of payment methods over the past year than ever before. However, 45 percent also reported they are more likely to pay with cash now than they were a few years ago.
Overall, 37 percent of survey respondents said their cash usage increased over the 12-month period. Lastly, women are more likely than men (39 percent and 29 percent respectively) to pay with cash in an effort to keep their budgets in line.