Despite the increased usage of digital payments over the course of the pandemic, Americans and the British are still most likely to reach for cash for weekly payments.

"When people want to pay quickly, securely and anonymously, just one payment option has it all: CASH. Unsurprisingly, research conducted by YouGov in November 2020 indicates that, on both sides of the pond, cash is the most popular way to pay for shopping."

An interesting post in cashmatters.org reports on a recent survey on payment preferences with  US and UK consumers.  Despite the increased usage of digital payments over the course of the pandemic, Americans and Brits are still most likely to reach for cash when it comes to the weekly shop.

In the YouGov survey, respondents in both countries were asked to indicate which payment methods they typically use for in-store purchases, and cash came out on top for 60% of American respondents, and 68% of UK respondents.

The survey results also point to greater security concerns around contactless payments within the larger, more fragmented American market - highlighting the important role that a cash payment option still represents to a lot of people around the globe.

In America, there is little evidence of a generational divide in cash preference, with 49% of 18 to 34 year-olds saying they particularly like to use cash as compared to a slightly higher 53% of over-55s.

In the UK, the difference is somewhat more pronounced, with 31% of 18 to 34 year-olds compared to 42% of over-55s indicating a firm preference for cash.

The article concludes by stating that “Although cash is king, the spread of answers—from cards to mobile payment apps and even cheques—indicates a need to preserve payment choice, so everyone can pay in the way that’s right for them. It is also crystal clear that, despite the changes wrought on our lives by the pandemic, cash is here to stay.”

Read the full article here.