Transaction Trends

Cashless payments have become omnipresent, but consumers still want flexibility in their payments choices, according to a new J.D. Power Pulse Survey. Despite using credit and debit cards, 82 percent of consumers continue to carry cash, including 78 percent of 18- to 29-year-olds, according to J.D. Power. One in four said they typically carry at least $50 in cash.

Sixty percent reported carrying cash in case of emergency, while 50 percent want to have cash on hand for small purchases, according to the survey results. In addition, 40 percent carry cash to pay tips, and 30 percent use it in stores where cards are not accepted. More than three-quarters of survey respondents (78 percent) said they believe stores and restaurants should be required to accept cash.

Of those surveyed, 67 percent had used cash to make a purchase the previous week, compared to 61 percent who had used a debit card, 54 percent who had used a credit card, and 20 percent who had used a mobile wallet to make a payment. Many survey participants also cited security breaches of electronic payments as a concern and a reason for continuing to make cash purchases.