According to a new survey released by Simple. Thrifty. Living., cash is still king.
Los Angeles, CA (PRWEB) January 21, 2015
With the introduction of electronic payment services like Square and Apple Pay, many are saying that new technology will eventually replace our need for cold-hard cash— but does the everyday person feel the same way? According to a new survey released by Simple. Thrifty. Living., cash is still king.
Simple. Thrifty. Living. surveyed 8,000 of their readers to find out who is using electronic payments like Apple Pay and Square, and created a dynamic infographic showcasing the most interesting data. Here are some highlights of what the survey found:
Who is using electronic payments?
- Respondents between ages 18-64 say they prefer cash/debit over all other forms of payment. Those 65+ prefer credit cards.
- More than 50 percent of people said they use some sort of electronic payment at least sometimes when at the store.
- 26-35 year olds had the highest percentage (57 percent) of people that say they use electronic payments at least sometimes when shopping at the store.
- 50 percent of those 65+ never use electronic payments for online purchases, compared to only 32 percent of 18-25 year olds.
Will credit cards become obsolete?
- 52 percent of people who always use electronic payments at the store say credit cards will become obsolete, while only 22 percent of people who never use electronic payments at the store said the same.
Are electronic payments safe?
- 74 percent of people who always use electronic payments say those payments are more safe from identity theft than credit cards, while only 32 percent of people who never electronic payments say the same.
Are electronic payments more convenient?
- Only 20 percent of people who don’t understand how electronic payments work think they are more convenient than credit cards, while 58 percent who do understand how electronic payments work think the same.
If you are interested in publishing the infographic or any of the survey data, or would like to request an interview with the editor of Simple. Thrifty. Living., please contact Lexie Olson at Lexie@melrosepr.com.