Transaction Trends

Twenty percent of Americans believe their payments will become completely cashless in their lifetime, a recent study from GATE (Global Acceptance Transaction Engine) and YouGov has found. Among the one in five Americans that see cash going extinct within their lifetime, nearly half (48 percent) say they think it will happen within the next five years, according to the report.

The study, released in late April, found that 20 percent of Americans are also frustrated by merchants that accept only cash, and more than one in six see the number of cashless transactions they make increasing over the next 12 months. Further, many consumers surveyed saw benefits of a cashless society with regard to things like budgeting and travel.

One in three said a cashless society would make travelling easier as it would simplify conversions and reduce the risk of loss or theft of travel funds. Twenty-seven percent of respondents said they think it will make it easier to manage their money, according to the report, and 32 percent said they would never have to worry about not having enough cash on hand. Regarding convenience, 29 percent of respondents said they think that going cashless will improve the efficiency of the payments process.

Security concerns persist, however. Forty-three percent of Americans don’t think that a cashless ecosystem is secure.

According to the press release, GATE commissioned YouGov PLC to survey a panel of 1,175 adults between March 14-15, 2018. Click here to read the release.