HOUSTON – Cash is selected by nearly four out of five consumers when they need to pay someone back. This and additional findings taken from the latest Cardtronics, Inc. survey reveal that in spite of people having access to and using a greater variety of payment methods, cash remains widely used and frequently selected for making all sorts of payments. From paying people back to convenience store purchases to tipping, cash retains a prominent place in the consumer payments landscape. 

“Cash is king for many consumers, even in today’s expanding universe of digital payment options,” said Tom Pierce, chief marketing officer for Cardtronics, in a press release. “Our survey data clearly shows that in a competitive payments environment, cash is a predominant payment form and sits atop multiple spending categories.”

The survey asked, “What type of payment have you used in the past year for the following situations?” The answers revealed that while consumers are using a mix of payment methods, time and again, cash is No. 1 in a variety of scenarios, including:

• Paying someone back – Cash at 78%; runner-up check at 18%
• Convenience store purchases – Cash at 63%; runner-up debit card at 41%
• Snacks away from home – Cash at 67%; runner-up debit card at 37%
• Grocery store – Cash at 52%; runner-up debit card at 51%
• Small business – Cash at 49%; runner-up credit card at 43%
• Restaurant – Cash at 53%; runner-up credit card at 48%
• Tipping – Cash at 78%; runner-up credit card at 27%.

In addition to identifying where and when cash continues to play a prominent role in consumer spending, the Cardtronics survey findings also provided insights into how different demographic groups use cash. “There is a myth in the marketplace that Millennials have abandoned cash in favor of mobile and other digital payments,” Pierce said. “It’s simply not true. What we found exposed the myth, with Millennials embracing cash usage along with new payment methods. Millennials take an open-minded view of payments, and cash plays a pivotal role in their payment choice mix.”

While more than half of Millennials (57%) reported using a greater variety of payment methods than before, nearly half of that group (45%) also said that they’re more likely to pay more with cash now than they did a few years ago. In fact, Millennials report increased cash usage at the greatest clip compared with all other survey respondents. Among all adults, 37% said their use of cash had increased. The survey also found that women are more likely than men (39% versus 29%) to use cash to help stay on budget.