Two weeks after the release by TNS of a study on ATM use habits among Americans, Aussies and Brits, cash technology provider Glory has released its own polling results for the same three nationalities — this time examining the use of cash, itself.
According to a press release from Glory, the study finds that consumers continue to favor cash as a means of payment and 73 percent believe there will always be a role for cash.
The research reveals that that 86 percent of all respondents are comfortable using cash and 48 percent still use it on a daily basis.
Additionally, Glory said, survey respondents age 16–44 were more likely to use cash on a frequent basis than those over the age of 45 (45 percent versus 42 percent, respectively.)
Perceptions about security, convenience and choice were important factors among the survey respondents:
- Only 16 percent rated any other form of payment more secure than cash.
- Six in 10 said they trusted cash over mobile forms of payment.
- And more than half (55 percent) said they don’t like handing over their card to a cashier to make a contactless payment.
For a clear majority of consumers, though, the choice of payment method simply comes down to convenience; nearly two-thirds said they use whatever payment method is easiest at the time.
“The research is clear: Choice for an electronic or cash payment option is important to most consumers, now and for long into the future,” Sion Roberts, Glory EVP for global retail, said in the release. “The implications for retailers looking forward are obvious. They need to invest more time and resource into making cash management work profitably for their organization – enhancing the customer experience when it comes to cash transactions and using process improvements and modern technology to eliminate cash handling inefficiencies and errors,” he concluded.
Working on behalf of Glory, Morar Research polled 1,500 American, Australian and British consumers between January and February.