Last updated on July 31st, 2015 at 04:16 am
Blackhawk Network, a prepaid and global payments company, surveyed over 1,000 Americans in April of 2015 to investigate their payment preferences. Despite cash and check use declining the most since 2014, they still remain the most used payment methods along with debit cards.
When asked to select the most convenient payment methods, 90 to 93 percent of survey respondents selected cash, credit cards, and PayPal. Thirty-eight percent selected Bitcoin as the most inconvenient payment method, closely followed by checks with 35 percent.
Smartphone owners are quickly adopting new payment methods, with over 25 percent of all smartphone owners utilizing a mobile wallet. Additionally, the majority of survey respondents who are already using alternative payment methods such as Bitcoin, report they are using the alternative methods more than in 2014.
“Our findings prove that payments is not either/or when it comes to legacy payments versus emerging products; it’s really about convenience and providing a mix of options,” said Teri Llach, Blackhawk Network Chief Marketing Officer.