Cash is out and technology is in, according to a new study by PayPal. The People Economy Global Study looked at attitudes about money in 15 countries and found 70% of respondents indicated that technology makes shopping in person or online easier. But the results also revealed that many no longer want to carry a wallet, stand online, use vending machines and kiosks, or wait for shopkeepers to take their credit card or cash. And that’s the case here in the U.S. and across Canada, Europe, Asia, and South America.
Tech takes the edge off
Using mobile apps is definitely in style. When asked what they take with them when leaving home, cash and credit cards were at the top of the list for many. But smart phones actually scored higher. People around the world embrace the idea of using their smart phone to buy everything from lunch to electronics, especially in growing economies. In China, 90% of respondents said that they use their phones to make payments. That figure is at 85% in Russia, nearly 70% in Brazil, and 60% in Turkey.
There is more work needed to make technology more effective though. In the U.S. more than half of the respondents said they believe that small businesses, which includes local farms and shops, would make more money if they took online and/or mobile payments. One of the keys to businesses keeping their share of the market or increasing it is tied to finding ways to make mobile payments easier and more secure, according to PayPal.
Security, security, security
With data breaches happening in the U.S and around the world its no surprise that security is very much on consumers’ minds. Respondents were concerned about several security issues including fear of online fraud (62%), payment information being stolen (57%) and scams (45%).
The study was conducted by Reputation Leaders. They interviewed 15,105 people between the ages of 18 to 64 online and via phone between April 29 and May 20. Respondents were located in the Australia, Brazil, Canada, China, France, Germany, Israel, Italy, Japan, Russia, Singapore, Spain, Turkey, the U.S. and the U.K.