Consumers see a future for mobile, but favor debit and cash today
Over time, alternative forms of payment will become more of the norm, according to U.S. consumers' predictions.
Debit cards are currently the most favored payment method, with nearly 43% saying it is their main form of payment, according to a recent LendEDU survey of 875 Americans ages 18 and older.
Nearly 32% chose cash as their preferred payment method, followed by credit cards at 23%. None of the newer alternative payment methods, such as mobile wallets, virtual currency or e-checks rated as high as 1% as a main payment method.
However, when asked to predict their top method five years from now, mobile wallets like Apple Pay jumped to nearly 10% and virtual currency rose to 1.37%.
As for the distant future, when asked how they felt their children and future generations would make payments, digital wallets became the top choice at 28%. Virtual currency was nearly 9%, while cash fell significantly but remained in play at 11%. Debit cards were second at 22%.
Of the 597 survey participants who said they had moved away from cash as a top payment method, 2.51% said they never carry cash anymore. But 13% said they always carry cash, 17% said more often than not, 41.3% said they carry sometimes, and 25.6% said they rarely have cash in their wallets.