When was the last time you pulled out your wallet to make a cash payment? It’s probably been a while, isn’t it? While debit and credit cards continue to be the preferred mode of payment – digital transactions, bank transfers, and e-wallets are getting equally popular. Convenience and security are two important reasons why cashless transactions are preferred.
According to a 2018 survey conducted by payment processor TSYS (as seen on creditcards.com) that involved 1,222 consumers, 54% of the participants preferred paying via debit cards, 26% preferred credit cards, and only 14% expressed a preference for using cash. What’s interesting is that when compared to 2017’s report, the preference for payment by debit cards increased by 10%, indicating a continuous shift to cashless transactions.