- Three in four Americans (73 percent) say they use less cash today than 10 years ago. From online shopping with credit, debit and prepaid cards to contactless payments and making purchases via electronic apps, consumers have more choices than ever when it comes to electronic payments – all of which offer a host of advantages that cash can’t touch like, speed, convenience, guaranteed payment for merchants, and security and transparency for consumers, merchants and governments alike.
- Reporter and stylist Lilliana Vazquez has made the shift and embraces being able to “tap and pay.” “I’m always running around – New York is a fast paced city and having to stop to get cash out of an ATM or dig for money in my huge handbag slows me down and that’s never a good thing in my business,” she said. “I thought being able to swipe my credit card was the ultimate in ease, but now all you have to do is “tap and go”…talk about convenience.”
- This Mother’s Day nearly twice as many Americans plan to purchase a gift for mom electronically as compared to paying with cash (45 percent and 25 percent, respectively). People who live far from home and need to order a gift online or call the florist in mom’s hometown must use electronic payments instead of cash.
- Six percent plan to simply give mom a phone call, using neither cash nor electronic payments because, “it’s the thought that counts.”
- Most Americans have experienced frustration when dealing with cash – whether trying to get a vending machine to accept a crumpled bill (63 percent), waiting days for a check to clear (40 percent), waiting for people to find exact change (40 percent), or finding the time to get to an ATM (29 percent).
- And in spite of the fact that ABC News has reported 94 percent of bills carry bacteria, one in two Americans (49 percent) admitted that they don’t typically wash their hands after handling money.
Imagining the World Beyond Cash
- Members of Gen X (ages 30 – 39) – who came of age during the advent of electronic banking, online shopping and are now in the midst of the mobile wallet revolution – are most in favor of paying for everything electronically and a world in which they wouldn’t have to carry cash (61 percent). A significant portion (44 percent) of members of the baby boomer generation (age 55 and over) also favors a cashless society.
- Nicholas Lee, from EZ-Link Contactless in Singapore believes in the future of electronic payments over cash. “So, moving forward, if you look at projections from around the world in terms of mobile commerce, the wallet in the phone is well-positioned to really be the catalyst to move contactless payments or cashless payments in a very, very big way.”
About MasterCardMasterCard (NYSE: MA), www.mastercard.com,is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews , join the discussion on the Cashless Conversations Blog and subscribe for the latest news.