Monday, October 2, 2017

While much of the world rushes towards cryptocurrencies and going cashless, Americans still prefer to carry physical money

Nearly everyday we are seeing news emerge of another country preparing to replace their currency with either a digital or virtual one.  And while consumers in nations like China and Japan are welcoming such a move, it appears that Americans still prefer the right to hold physical cash rather than seeing the monetary system go completely online.

Despite the rise of electronic, mobile and contactless payments, physical currency remains a favored choice for U.S. consumers, a new report from Glory, a global developer of cash technology solutions, reveals. 
Original global research from the 'In cash consumers trust. But how do retailers make it pay?' Report, which polled 1,500 consumers in the US, UK, and Australia, found that 48 percent still use cash on a daily basis, with those aged between 16 and 44 more likely to use cash on a frequent basis than older demographics aged over 45 (45 percent vs 42 percent). 
Eighty four percent of U.S. consumers would still like the option to pay by cash while 63 percent feel it is the most secure way to pay underlining the ongoing dominance of this payment method. 
In terms of new ways to pay, 61 percent of Americans trust cash more than mobile payments and 55 percent favor it over cards respectively. – Daily Herald
Ironically, the vast majority of payments made today in the U.S. are done electronically, however it is the idea and confidence behind one being able at any time to retrieve their deposits in cash form that is the most important factor, especially as trust in both banks and government have waned since the 2008 financial crisis.

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