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Cashless Payment Is Strong Consumer Trend

by Lillian Santos
(Photo via Pixabay.com)

Pandemic changes people’s lives, and more consumers choose to use the Cashless payment model, which is a strong consumer trend.

New York, NY (The CTP News) – In recent years, affected by technological progress and Covid-19, the cashless trend has become stronger and stronger. People are reducing the use of cash and increasing the acceptance of digital currencies. This trend brings us closer and closer to the Cashless society.

According to a survey conducted by the Economist Intelligence Unit (EIU), in order to reduce physical contact, consumers are gradually using the “Cashless” consumption model, and global digital currencies are developing rapidly and becoming a trend.

The survey covers Asia, Europe, and North America, including developed economies (the United States, the United Kingdom, France, South Korea, Australia, and Singapore) and developing countries (including Brazil, Turkey, Vietnam, South Africa, and the Philippines).

A total of 3,053 respondents were interviewed, 46% were men, and 54% were women. Approximately 70% in the 18-38 age group, and 30% in the age group of 39 or above. Respondents represent different educational backgrounds, and about 50% of respondents have college or professional degrees.

The survey was conducted between February and March this year. Among all participants, 27% of consumers surveyed stated that they had not used physical currency or credit cards in the past 12 months, and almost all used digital payments for shopping, up from 22% in the same period last year.

In 2020, the cashless trend was strong, but in 2021, more people will stay away from physical cash. In 2020, only about 72% of respondents said that their country has the potential to become a cashless society. In 2021, 81% of respondents agreed with this view. This also shows the rapid development of digital currencies.

The survey also found that 51% of respondents believe that lack of knowledge is the main obstacle that prevents the widespread use of digital currencies. Including 34% of security issues and 29% of people do not know where to buy cryptocurrency.

Although the vast majority of respondents use digital currency for trading purposes, it seems that its most common use is still capital appreciation. With the development of science and technology, the currency is stored and paid in different forms, which also shows the trend of asset iversification.

More information please visit: Digimentality 2021 – Digital currency from fear to inflection

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