More Evidence Cash is On Its Way Out

With the continued proliferation of fast, seamless and high-tech electronic payment solutions across the retail and commerce landscapes, the question for payments technology players remains – how will consumers respond?

A new study from ETA member Paysafe echoes recent findings that Americans are ready to embrace electronic solutions over cash when shopping.

Fifty-four percent of respondents – including British and Canadian consumers – say that they expect to stop using cash for shopping in the next two years, the study said. For consumers aged 18-34, 85 percent say they expect to use mobile wallets more frequently while shopping over the next two years.

As for Americans, the study said, 63 percent say they carry less cash now than they did two years ago. And carrying cash seems to be a growing irrelevant for Americans as well; over half said they doubt they’ll have to carry cash in two years.
And the focus is forward for American consumers with regards to payment methods, Joe Daly, Chief Operating Office at Paysafe Payment Processing North America said in the report. “Americans are embracing new payment methods quicker than most. One in seven have used cryptocurrencies; one in six biometrics. These early adopters are creating momentum for wider adoption and change,” Daly said.
The report was conducted by a London-based research agency Loudhouse; 3,038 consumers in Canada, the UK and the United States were surveyed.

The full report can be accessed from Paysafe here.