Despite the increasing significance of digital channels, US consumers still prefer cash as a mode of payment and also want the right to select the payment method that best suits their needs, according to a survey by Cardtronics.
Of those polled, 73% were found using cash on a regular basis. Moreover, more than nine in 10 respondents said that cash is necessary for those without a checking or savings account.
Seven in 10 people were found having preference for cash to pay back a friend. Cash was also the preferred option for 65% of respondents owing money from a friend.
Notably, 81% of digital users said that they always keep cash on hand. The figure rises to 84% for all respondents.
The study also revealed 92% of consumers craving choice in how they make payments.
Two-thirds said that laws should prevent stores or restaurants from limiting cash acceptance.
Besides, 61% of consumers said that use of cash enables them to stay on budget.
Cardtronics EVP and managing director for North America Brian Bailey said: “The primary conclusions from the Health of Cash Study are that U.S. consumers do not want to be told how they should pay for the things and services they acquire.
“In looking at their payment options, consumers see unique benefits in cash as more than just a store of value – they consider cash to be an important part of the social safety net, a critical tool in emergencies, and an overall great way to pay for many of life’s special moments.”