Thursday, October 20, 2016

Charging It, Still

The humble old credit card isn't just holding its own with new forms of payment - its use is actually growing. That's what consultants at Accenture PLC found when they surveyed over 4,000 American and Canadian consumers in July. Credit cards were the only form of consumer payments used to pay in person becoming more commonly used, versus cash, debit cards, and—surprisingly—mobile phones.

The percentage of people using credit cards weekly jumped from 50 percent in a survey last year to 53 percent this year. That contrasts to a flat 19 percent usage rate for mobile devices, and slight drop from 59 percent to 58 percent for debit cards.

The biggest loser in all of this has been cash. The percentage of people who use cash at least once weekly has dropped from 67 percent last year to 60 percent now.

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