It should come as no surprise that cash continues to play an important role in consumer payments. 87% of the respondents polled for this analysis said they had purchased something with cash in the preceding month, demonstrating that money is still firmly embedded in our society and habits.
They care about money in more ways than just notes and coins. Several alternatives to physical currency are in broad usage throughout the five nations examined, as consumers begin to see the advantages of alternative cash-based systems.
Paysafecash and Paysafecard, payment systems that enable cash transactions to be made online, are also quite popular in Germany and Austria, highlighting the importance of cash in this region. Prepaid cards are the most common cash alternative in North America, with 18% of Canadians and 16% of Americans using them.
It’s unsurprising that, as cash-based solutions become more popular, customers are carrying less actual currency around with them.