Claiming the crown
If “cash is King”, other types of payment appear to be in the running to claim the crown.
Almost 80% in this eZonomics poll say they use cash less frequently now than they did five years ago. In the United Kingdom, the British Retail Consortium’s Cost of Payment report says the number of cash transactions fell 6.7% in 2012. However despite the fall, cash still made up the majority of transactions (or 54.4% of the total). Other types of payment include bank card, cheque, coupons and PayPal.
Time for a cash only diet?
Cash is quick to use (with figures showing it is much faster on average than paying by bank card) but the relatively new ability to make “contactless” payments by enabled bank cards may change the landscape on speed.
Cash has the added benefit for people closely monitoring their spending that it is easy to quickly see how much money has been spent – and how much remains. The cash only diet is a way of using this technique to help stay on budget.
But remember, cash can also be easy to lose, so take care to keep your wallet where you can see it.