A study by Paysafe details that cash is evolving in an increasingly mobile age, and results point to a distinctive move away from cash transactions, particularly by millennials, but with increasing use in older generations, as well. Called “Lost in Transaction,” the study asked questions of 3,000 individuals across the United States, the United Kingdom, and Canada, revealing changes in how money is viewed and used.
Findings from the study show that 54 percent of consumers expect to take up digital formats of cash in the next two years, pointing to momentum behind the mobile movement. The average amount of cash in a person’s wallet was $50 in the U.S., and only a little more than half of consumers visit an ATM monthly. The study shows in the adoption of new payment methods, mobile wallets stand at one in three.
According to the article, credit card rewards programs are enticing all generations to increase their use of plastic. Read the full article at PYMNTS.com.