MasterCard survey examines move towards cashless society

"World Beyond Cash"

The survey was carried out among 1048 US citizens with the intention of gauging the extent to which Americans are increasingly using electronic payments in lieu of cash (view press release). The survey concluded that Americans are using less cash today than they did 10 years ago with three in four people saying this was the case. This Mother’s Day in the US, almost twice as many Americans surveyed plan to purchase a gift electronically compared with paying in cash (45% vs 25%). The key frustrations with cash were getting a vending machine to accept a crumpled note (63%), waiting days for a check to clear (40%), waiting for people to find exact change (40%) and finding time to get to an ATM (29%). People aged 30-39 are most in favour of a world without cash with 61% support, whilst 44% of the baby boomer generation, 55+, favour electronic payments over cash according to the survey. 

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