cash vs. digitalWho has the Numbers, Who is the Favorite?
Modern consumers seek both convenience and security when making payments: shopping whenever and wherever they like and not worrying about fraud or information theft. Merchants and businesses have started adapting their practices to provide the best possible customer experience. Current trends in payment involve not only where a customer can pay but also how, with cash, credit cards and digital payments constantly vying for the position of customers' favorite method.
Cash Still Reigns
But even with the surge in popularity digital payments have been enjoying, cash is still very popular. The reasons for this are simple: cash is tangible, everyone is familiar with it and knows how to use it, it's accepted everywhere and is about as frictionless as a payment method can get.
Control Brings Up the Digital
Still, the digital revolution has reshaped the payments industry in the past several years, with new technologies being rapidly adopted and causing further shifts in customers' payment behavior. The aim is to provide consumers with control over the payment process and ensure their account and personal information won't be revealed during a transaction. By providing these benefits, mobile banking, mobile wallets and contactless cards are making their way to becoming as ubiquitous as cash in a customer's payments arsenal.