Knowledge Center

New Study Shows Cash Remains a Mainstay for Both Consumers and Businesses, Even in the Age of Technology

running-a-business | Read Time: 2 minutes

By WSFS Contributor | Published: July 2021

Despite the availability of technology-driven forms of payment such as credit cards, debit cards, and mobile wallets, cash remains a mainstay for both consumers making payments (40% prefer to use cash) and businesses accepting them (78% accept cash as a form of payment), according to a new study published by Cash Connect, a division of WSFS Bank that provides cash logistics services.

The nationwide study asked 1,500 people 18 and older about their spending habits as it relates to forms of payment, and 500 business financial decision makers about the forms of payment their businesses prefer and experience daily.

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