For the new year, economists and experts in consumer spending habits anticipate significant changes in how people save, spend, and access their money. Major retailers and banks are switching their customers’ cards over from magnetic strip cards to chip cards in order to cut down on fraud, giving people more security when using credit and debit cards. Mobile banking continues to expand; more consumers are taking advantage of the convenience mobile banking offers and completely skipping the trip to the bank. Despite the excitement around mobile banking and mobile payments, consumer spending experts report that the trend is taking a while to gain traction with people.
Although many people have predicted the downfall of cash for several years, the Federal Reserve’s Survey of Consumer Payment Choice reported that cash use remains strong. Within a consumer’s monthly transactions, debit is the first preference, followed by cash, and then credit. Even amongst young adults (18-24), the consumer group routinely thought to favor technology, cash is used in about half of all their transactions. Financial expert Chris Hogan explains that one of the attractions of cash is the sense of control is gives consumers. Cash makes consumers more aware of their spending, and, people like the tangibility of cash. Consumers and businesses also rely on cash transactions in the event of power loss during bad weather. Half of all transactions under fifty dollars are cash, and all consumers use cash for an average of 23 cash transactions each month.
The importance of cash in consumer spending ensures a continued need for ATMs. Business owners can benefit from the popularity of cash by getting an ATM for their business. ATMs are a good way to increase store sales and customer spending. ATMs also cut down on missed purchases; customers who prefer to pay cash can use the in-store ATM instead of leaving their purchase to find another machine. Call America’s ATM at 877-475-1104 to receive a free ATM for your business. America’s ATM provides businesses with ATMs, financial service kiosks, and marketing products. With three different ATM programs to choose from, every business owner can find an option that works for his or her business. See details about the programs at: http://americanatm.com/programs/. You can also get in touch with America’s ATM through the website at: http://americanatm.com/contact-us/.