Despite an increasing number of ways to pay for goods and services, consumers still use cash, a survey by Blumberg Capital found. The survey conducted in May by Harris Poll found that almost 60% of American consumers use physical money to make purchases at least once a week.
Emerging point-of-sale and online payments technology, such as ApplePay, PayPal and Venmo, were used less frequently by fewer people. Just 21% of respondents said they use these methods of payment at least once a month.
(Related: OCC Issues Fintech FAQ)
“This survey reveals a huge opportunity for fintech companies to grow and scale as more consumers begin to recognize the benefits of fintech and get comfortable moving beyond cash and checks,” David Blumberg, founder and managing partner of Blumberg Capital, said in a statement.