The study, which was conducted with Ingenico ePayments, Oxford Economics and Charney Research, examines trends in cash use and electronic payments worldwide.
Some of the highlights from the study show that, among consumers, more than half think cash use will decline in the next three years. Also, consumers are least cash-dependent in the US and Europe and only 20% of Americans monthly spend is in cash.
Moreover, nearly a third of executives think mobile money does not apply to their business, and only 35% of executives think cash use will decline in the next three years. What`s more, consumers place nearly identical value on acceptance, security and convenience as the drivers of mobile payment adoption.
Among businesses, 77% of US business representatives see the cost advantages of mobile money, while 83% say mobile money helps the customer experience. Moreover, more than half of all executives surveyed say mobile money boosts loyalty.
In addition, the survey reveals that nearly 80% of millennial business leaders (age 18–34) believe accepting mobile money boosts, or would boost sales, compared with 51% of business leaders over 50 years old. Finally, 71% of millennial business leaders say failure to do so puts them at a competitive disadvantage.
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