Observing the growing number of supporters of mobile payments, one may wonder whether they will lead to the 'downfall' of cash. According to a July 2016 study, about half of US internet users said that 'real' money is unlikely to disappear, yet over a third of those surveyed believe cash could vanish within the next 25 years.
In July 2016, YouGov surveyed 2,126 US internet users aged 18 and above, asking them about digital payment methods. 48% of respondents stated that traditional money will not disappear, but as many as 38% believe it could happen within the next 25 years.
Mobile payments vs the future of cash
When contemplating the future of cash, one cannot ignore one of its biggest threats: mobile payment methods. According to the aforementioned YouGov study, 63% of people aged 18–34 said they are willing to use mobile payments. Meanwhile, 51% of those aged 35–54 and 33% of those 55+ said they would consider such an option.
Mobile payments popular among millennials
Mobile payments vs the future of cash
Millennials' preference for mobile payments is confirmed by other studies: 67% of millennials (in both the UK and the US) used mobile payments in the past three months.
Summary
The YouGov study from July 2016, conducted on a group of 2,126 US internet users, showed that 48% of them do not believe cash will disappear, while 38% allow for such a possibility within 25 years. Supporters of mobile payments are primarily younger people.
In the 18–34 age group, 63% declared willingness to use such solutions, while among those 55+, the share drops to 33%. Additional data indicate that 67% of millennials in the UK and US used mobile payments in the past three months, showing the scale of changes in payment habits.
