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Cash is still tops for convenience, payment study finds

However, the survey also found that cash (and checks) experienced the greatest decline in use over the last year.

July 31, 2015

American consumers are tapping a wide variety of retail payment options these days, but while digital and mobile are gaining ground shoppers are still tethered to cash, debit cards and prepaid cards, new research shows.

A survey of 1,000 shoppers and payment processes over  the past year found that: an overwhelming 93 percent of payments involved cash; 68 percent used debit cards and checks; 67 percent used credit cards; and 62 percent used Pay Pal.

The study, "How America Pays in 2015: Traditional, Digital and Mobile Convergence in Payments," was conducted by Blackhawk Network Shopper, and includes an infographic that can be viewed online.

Blackhawk determined that cash and checks experienced the largest year-over-year declines among payment methods used, despite the fact that consumers ranked it as the most convenient form of payment at 93 percent (closely followed by credit cards at 92 percent).

Mobile rated well in terms of perceived convenience for payments at 87 percent, however, only 25 percent of smartphone owners said they use a mobile wallet. 

Payment vehicles considered least convenient by survey participants were checks and bitcoin, at 38 percent and 35 percent, respectively.

“Consumers still have a strong preference for traditional payment methods like debit cards and prepaid cards," Teri Llach, chief marketing officer at Blackhawk, said in a press release. "Those payments tools are not going away anytime soon, even as interest in and usage of new payment methods grows. Our findings prove that payments is not either/or when it comes to legacy payments vs. emerging products; it’s really about convenience and providing a mix of options."