Cash is Still King: Cash Proves It’s Here to Stay

While customers tend to favor mobile payments and credit cards for larger purchases, the verdict is in, cash proves it is here to stay.  Cash has a multitude of benefits, and the majority of transactions under $10 are still completed with cash.

Cash Offers Many Perks for the Buyer

A large draw for cash users is the ability to remain anonymous during a transaction.  Unlike virtual wallets or credit cards that leave a trace, cash can be exchanged without revealing any personal information.  Cash, therefore, provides users with a lower fraud risk. Additionally, cash users aren’t required to have a bank account.

Cash is also preferable in the case of an emergency, such as a hurricane or snowstorm that could cause power outages.  Without power, many businesses revert to cash-only. Therefore, it is advisable to always have emergency cash on hand.

Additionally, cash provides true convenience while traveling.  Many people who you encounter while traveling will prefer cash, including taxi drivers, restaurant workers, and small local retailers or Mom-and-Pop shops.  While you may choose to pay with a card, keep in mind workers who accept tips generally prefer their tips in cash.

Cash Keeps Transaction Costs Down for Business Owners

In addition to the benefits cash provides the purchaser, cash has proven its reliance because of the many perks it affords retailers.

Many retailers and restaurants only accept cash in order to avoid payment card feeds, allowing these establishments to pass the savings along to their patrons.  This is most evident in gas station fuel pricing that is less for cash payment than credit card payments. According to ATMIA, 33 percent of all transactions at gas stations are completed with cash.

The Argument for Cash is Compelling

While there is no doubt that there are augments for a cashless future, the continuous convenience offered with cash is simply undeniable.  In fact, there are even apps emerging that allow consumers to make online purchases with cash. With the emergence of this technology, cash will remain a staple in American culture.  Cash continues to be the most convenient, comprehensive and anonymous form of payment available.