🙈In the EU and US🇺🇸, cash remains king!

🙈In the EU and US🇺🇸, cash remains king!

A study conducted by PayComplete revealed that for psychological reasons, people prefer having payment options, making it crucial not to limit cash usage. Published in June 2024, this report is based on an online survey of 5,000 consumers across various ages and genders.

Key findings from the study:

▶️ Cash continues to be nearly as popular as debit cards, suggesting that removing it as a payment option would be a short-sighted move, at least in the short term.

▶️ Nearly half (46%) of respondents expressed moderate to extreme concern about businesses collecting their data when paying by card.

▶️ 90% of participants stated that they most often pay with cash for a variety of reasons.

▶️ Interestingly, younger individuals under 26 are more likely to prefer paying in cash, unlike the older population(56+ years), who might typically be seen as more conservative.

▶️ 31% of consumers would be willing to switch to cash payments if offered incentives like discounts or loyalty programs.

▶️ Nearly two-thirds (62%) believe that paying with cash helps children develop financial management skills and track their spending.

#news #Europe #USA

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