Even with new technology driving a growth in payment options, cash remains the most popular way for consumers to pay for products and even some services, according to a survey by the Richmond, Boston and San Francisco Feds.
The 2015 Diary of Consumer Payment Choice shows that consumers used cash in 32 percent of all reported transactions including bill payments, followed by debit cards (27 percent) and credit cards (21 percent). Cash made up 40 percent of consumer transactions in 2012 when the survey was first conducted.
Cash cut across all demographics and accounted for 60 percent of the transactions under $10, according to the survey. As consumers’ shopping behavior evolves to include more online purchases and new payment apps, cash faces competition at the point-of-sale. Still, as the survey showed, cash remains a highly valued and useful choice.
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