The Card Is The Payment King! People Are Twice As Likely To Spend More Money When Using Card In 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.

• 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