The Card Is The Payment King! People Are Twice As Likely To Spend More Money When Using Card In 2024
Written by Tariq on July 1, 2024
In 2024, our approach to spending money reflects a significant shift towards a cashless society. This transition is a transformation in consumer behavior and business operations, and not just the mode of payment. At the center of this change is a simple observation: People tend to spend more when using cards as opposed to cash. This tendency is backed by compelling data, suggesting a strong preference for card transactions among consumers.
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- A significant 70% of individuals report card payments as their most frequent choice
- A notable 76% express a preference for businesses that accept card payments
- 58% of people said card payments are most likely to make them spend the most money
- The propensity for impulse buying is doubled when using a card compared to cash
- Cash remains the predominant choice for lower-income earners
- 29% of respondents feel a heightened sense of security carrying cards over cash
- 22% of people said they use cash most often and only 14% of people said they prefer cash payments as they’re more in control of what they spend.
- Only 7% said they use digital wallets (Apple/ Google Pay etc.)
- Baby boomers use cash less than all generations born after them, with only 15% saying they use cash and 84% saying they use cards the most often.
- The western region is least likely to regularly carry cash with only 16% saying that they do and 78% saying they enjoy the ease of card payments
Source: Forbes
