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Americans Are Using Less Cash but Mobile Payments Are Not The Ones Replacing It

Consumers have more ways to pay than ever. Even with so many choices, consumers still use traditional payment options to complete transactions. Americans use plastic a lot and that is growing. Consumers’ use of mobile payments is gaining popularity but has not seen a dramatic upswing in usage. Mobile payments are gaining momentum in the payments industry (which is ruled by cash and cards) but the growth is not as fast as was predicted by the pundits. A survey by creditcards.com found that about two out of every five consumers use either a credit card or a debit card for in-person purchases of less than $5.

The shift towards a cashless society is transpiring across the US. Though cash is sti ...

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