![Survey_on_Consumers_Using_Payment_Systems_Cashless_Society](https://realresearcher.com/media/wp-content/uploads/2022/04/Survey_on_Consumers_Using_Payment_Systems_Cashless_Society.jpg?x60763)
As the world progresses toward multiple cutting-edge developments, one such development is the transition to a cashless society. The need to shift to a cashless society comes from various factors such as reduced crime rates, fewer costs, convenience, etc. Such a shift, however, has stirred opinions from many.
Thus, Real Research launched a survey on consumers using payment systems and their perception of a cashless society. Specifically, the survey aims to find out opinions on the technology of a cashless society, possible advantages, and disadvantages. Here are the results.
Highlights:
- 55.27% say cashless societies have not made much progress in the countries they reside in
- 55.26% say cash is the most useful method for offline purchases
- 55.53% say the biggest drawback of a cashless society is the financial alienation of the underprivileged and restrictions on consumption activity
91.75% Use a Credit or Debit Card
The survey starts by asking respondents whether they are consumers or sellers with or without card readers. The responses showed that 83.55% were consumers, while 8.64% were sellers without card readers, and 6.75% are sellers with card readers.
![](https://realresearcher.com/media/wp-content/uploads/2022/04/Respondents-on-the-use-of-credit-or-debit-cards.png?x60763)
Next, the survey asks respondents if they use debit or credit cards for offline purchases. All 91.75% responded with ‘yes, I do’ whereas 5.68% respond ‘No, I don’t’. However, 2.56% also said ‘I used to but not lately’.
When asked why they do not use debit or credit cards, 36.64% feel they do not find any inconvenience in the current payment system they are using. Meanwhile, 24.12% feel they ‘cannot be bothered to issue debit or credit cards’ and 7.79% say they live in an area where it is hard to issue a card (low access to banks). Lastly, 5.34% say their card application was declined.
Next, the survey asks whether respondents use a digital wallet such as Apple Pay, Google Pay, Samsung Pay, or PayPal. Here, 89.71% say ‘yes’ and 10.29% say ‘no’. Contrarily, the survey asks why respondents do not use a digital wallet platform. In response, 28.58% say it is a hassle to open the app every time. Likewise, 14.70% feel concerned that personal data could be leaked by signing up on the app. However, 51.16% do not find any inconveniences in the current payment system they are using.
Additionally, the survey asks ‘which payment method do people find most useful for offline purchases?’. To this, 55.26% chose cash, 15.87% chose credit cards, and 10.86% chose debit cards. Moreover, 9.78% chose digital wallet platforms, 2.86% chose bank transfers, and 2.41% chose local currency.
Next, the survey asks why respondents find card payment useful. In reply, 56.16% suggest the useful benefits of a credit or debit card (rewards, cashback, etc.,). Meanwhile, 30.89% suggest the errors of a digital wallet platform. Finally, 12.07% say use rewards and payment services (pay with rewards).
The Convenience of Digital Wallets
The survey then asks respondents why they believe digital wallets are most useful. A majority of 47.09% suggest no need of carrying a wallet around, while 31.71% suggest the inconvenient processes of card application. In addition, 11.91% suggest higher ATM fees due to an increase in digital waller users. Lastly, 9.01% feel concerned about losing a card.
![](https://realresearcher.com/media/wp-content/uploads/2022/04/Respondents-on-why-digital-wallets-are-useful.png?x60763)
Moving ahead, the survey asks whether respondents get receipts for offline purchases. On this, 85.65% get receipts while 14.35% do not. Accordingly, the survey asks why respondents do not take receipts. In reply, 36.07% say they get a notification on mobile and check the mobile app while 24.64% say they do not want to waste paper on receipts. Then, 20.63% say there is no proper place to get rid of receipts and 16.36% say they get digital receipts via the mobile app.
The survey also asked regarding situations where cards were not accepted as the store did not open a merchant account. In answer, 76.81% say ‘yes, I’ve seen some stores where card payments were not accepted’.
Respondents on Alternative Methods Instead of Cash
The survey asks if respondents are aware of a cashless society where all economic activity is performed via alternative methods. In response, 91.15% say ‘yes’ and 8.85% say ‘no’.
![](https://realresearcher.com/media/wp-content/uploads/2022/04/Alternative-methods-to-cash.png?x60763)
Accordingly, the survey also asks respondents how the pace in their country is toward a cashless society. All 55.27% felt there is only a little change, while 26.06% feel it is changing slowly. In contrast, 11.77% feel it is changing fairly quickly and 6.90% say it is changing very quickly.
Further on, the survey asks how respondents would feel if most stores in the future become cashless. The majority (41.41%) would find this to be extremely inconvenient, while 10.05% say convenient, and 25.05% are neutral. When asked about the transition to a cashless society, 37.23% feel extremely negative, 16.15% feel extremely positive, and 27.91% are neutral.
Next, the survey asks respondents about the advantage of a cashless society, 56.69% feel it is less of a hassle. Moreover, 14.25% feel it lowers the cost of money production and processing. To add on, 12.15% feel the transparency in the transactions is advantageous. However, 5.76% suggest a lighter wallet and 5.30% suggest the reduced illegal cash transactions.
To conclude, the survey asks about the drawback of a cashless society. A majority of 55.53% suggests the financial alienation of the underprivileged, and restrictions on consumption (social gap). Moreover, 19.04% feel the cash option is not guaranteed. However, 5.98% feel there is a decrease in cash supply kiosks such as bank counters and ATMs. In fact, 4.93% chose the increase in credit card piracy and abuse of mobile payment. Lastly, 4.48% suggest that lower access to cash can be a drawback.
Methodology | |
Survey Title | Survey on Consumers Using Payment Systems and Their Perception of a Cashless Society |
Duration | April 20 – April 27, 2022 |
Number of Participants | 10,000 |
Demographics | Males and females, aged 21 to 99 |
Participating Countries | Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia,… Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe. |
RR Author
Real Research News is the media platform that presents insights and studies of wide-range of topics. It focuses on insights gathered from its survey app.