Cash may be a dinosaur, and although Deutsche Bank thinks that notes and coins’ extinction is still a way off, its newest report has provided the cryptosphere with an excellent insight into why cash is still in such rude health – and why so many still choose it over other methods of payment (however, less and less as a recent survey showed).
And by learning some key lessons from cash, the crypto industry could make a few important changes – and attract more adherents.
In its study, the bank conducted a survey of 3,600 customers across the United States, the UK, China, Germany, France and Italy. The German bank discovered that a third of respondents in developed countries – regardless of nation, gender and age – said cash was their favorite payment method, while more than half believe it will never die out.
There are some key demographic differences, however. In the UK, 18-34 year olds are the least keen on cash. In Germany, France, the USA and China, 35-54 year olds dislike cash the most, while in Italy, those aged 55+ showed the most distain for coins and notes.
On average, respondents said they carry up to USD 50 in cash with them.
Some of the reasons why so many people prefer cash to the alternatives may prove surprising.
The majority of German respondents said they found it easier to keep track of their spending when they used notes and coins, with half of the respondents agreeing with this sentiment in the United States and China.
A similar number of respondents (around 40%) in most countries except China think that cash an easier way to pay.
