first_imgConsumers are carrying less cash today than ever. According to a recent Bankrate survey conducted by Princeton Survey Research Associates International, 40 percent of respondents reported that they carry less than $20 in cash in their wallets. Only 9 percent of those surveyed in 2014 by TSYS said they preferred cash over cards as a payment method. And a recent MasterCard survey reported on Consumercredit.com reveals that 80 percent of U.S. consumer spending is cashless.While these data points illustrate how consumers utilize cash today, they also beg the question: How long before payment cards follow suit, especially given new advancements in digital wallet technology?Globally, the mobile payment market reached $450 billion in 2015 and is projected to rise to $1 trillion by 2019, according to research published by Statista.com. Even so, this doesn’t mean that either cash or cards will disappear from the point of sale any time soon.Consumers carry cash, even if in small amounts, because it works every time, requires no authorization and never runs out of battery life. Card usage has a proven history with consumers as well and is rising – up 7.8 percent annually nationwide, according to Credit-Land.com. continue reading » 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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