By Craig Kaliebe, APG Cash Drawer
A solid majority of small business owners (83%) say they will never stop accepting cash payments, according to a recent study. Furthermore, almost three quarters (73%) believe America will never go cashless.
The results are consistent across cities, suburbs, and rural areas as well as the age groups of business owners, although Baby Boomer owners were slightly more concerned about a negative customer reaction to going cashless than the rest of the study participants.
The study by Wakefield Research and commissioned by mobile payments company Square Inc. adds fuel to the debate over whether we are moving toward a cashless society. Even as the use of digital payments increases, it seems highly unlikely cash will ever go away.
Digital Payments vs. Cash
Make no mistake: Cash is definitely getting a run for its money from other forms of payment. The global digital payments market is expected to more than double by 2024 – to $7.6 billion from $3.4 billion in 2018.
Square research also shows that digital payments are trending up in the United States. Since 2015, the company found, cash transactions under $20 dropped to 37% from 46%. In addition, the size of transactions paid with plastic has decreased in the same four years. In 2015 roughly half of consumers used debit or credit cards for $8 transactions, but the amount is down to $4.50 now.