Consumers across generational lines in the US prefer to make payments using digital and mobile banking solutions as opposed to cash, according to the latest U.S. Bank Cash Behavior Survey.
Out of 2,003 people surveyed, 47% of the respondents said they prefer using digital apps to make payments, while 45% preferred cash.
Breaking the results down by generations, 49% of millennials, 44% of Generation X, and 32% of baby boomers made digital payments.
U.S. Bank executive vice president of Omnichannel Gareth Gaston said: “The incredible consumer response to digital and mobile banking solutions is changing the entire industry and diminishing the historic use of cash.
“ATM withdrawals and branch visits are slowly declining, while mobile transactions are increasing dramatically year over year.”
The survey also found that consumers aren’t carrying much cash with them or using it for payments on a frequent basis. Overall, half (50%) of the respondents said they carry cash less than half of the time.
The report added that 48% of male respondents said they used P2P apps in the last six months as against only 38% of women.