As mobile payments and credit cards offer alternative methods of payment to cold hard cash, 82% of Americans said they still carry cash for certain transactions, according to a survey by J.D. Power.
One-quarter (25%) of all respondents said they have $50 or more on hand at any given time. Sixty-seven percent of respondents said they used cash to make a purchase during the past week, while 61% said they used a debit card, 54% used a credit card, and 20% of consumers reported using a mobile phone or smartwatch to make a purchase.
The report also mentions the rise of chains, such as Sweetgreen, and businesses that have gone cashless, such as Amazon Go stores, which accept credit cards and electronic payments from mobile wallets like Apple Pay, Google Pay and PayPal. Although the model might be lucrative for some business owners, the survey found most Americans believe all stores should be required to accept cash.
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One-quarter (25%) of all respondents said they have $50 or more on hand at any given time. Sixty-seven percent of respondents said they used cash to make a purchase during the past week, while 61% said they used a debit card, 54% used a credit card, and 20% of consumers reported using a mobile phone or smartwatch to make a purchase.
The report also mentions the rise of chains, such as Sweetgreen, and businesses that have gone cashless, such as Amazon Go stores, which accept credit cards and electronic payments from mobile wallets like Apple Pay, Google Pay and PayPal. Although the model might be lucrative for some business owners, the survey found most Americans believe all stores should be required to accept cash.
Read more
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