Cash is king this holiday season; seven in 10 Americans plan to use either cash (39 percent) or a debit card (31 percent) for most of their holiday purchases, according to a new Bankrate.com study. Twenty-two preferred credit cards and three percent said checks over mobile payment systems such as Apple Pay.
Millennials are the most averse to credit (48 percent favor debit cards and 36 percent prefer cash). 18-29 year-olds chose debit cards almost twice as much as older adults.
Mobile payments aren’t popular among any demographics. Just 14 percent of U.S. adults who use a smartphone or a similar handheld device plan to use services such as Apple Pay or Android Pay even once this season, including 19 percent of millennials, according to Bankrate.com. Among those who don’t plan to make mobile payments, the top reasons were “not secure enough” (36 percent) and “other payment methods are more convenient” (31 percent).
“The most common misconception surrounding mobile payments is that they are not secure,” says Bankrate.com analyst Mike Cetera. “Truth be told, fraud is much more likely to occur on ordinary credit and debit card transactions. And of course cash can be lost or stolen without any consumer protections.”
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