For Holiday Shopping, Cash is King
It seems that buying on credit is out this holiday season, and cash is in.
Bankrate surveyed Americans on how they plan to buy their holiday purchases, and found that most plan to use either cash (39%) or a debit card (31%). In a distant third were the 22% who plan to use credit cards.
Young people (18-29 year olds) were the most likely to use debit cards (48%) or cash (36%).
Interestingly, none of the age groups surveyed were keen to use mobile payments systems. Overall, just 14% indicated a willingness to use mobile services like Apple Pay or Android Pay.
A lot of people simply don’t trust this technology yet. “The most common misconception surrounding mobile payments is that they are not secure,” said Bankrate.com analyst Mike Cetera, in a statement.
The irony, as Cetera points out, is that people are more likely to have their data stolen when swiping a card. While many card issuers have replaced the old magnetic stripe cards with more secure “chip-on-card” options, this transition has really just begun.
Still, people trust what they are familiar with.
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