According to a new research conducted by a leading payments company Blackhawk Network Holdings, Inc. (NASDAQ: HAWK), consumers find paying with Bitcoin and checks as the most inconvenient.
The research titled “How America Pays in 2015: Traditional, Digital and Mobile Convergence in Payments,” surveyed more than 1,000 Americans in April 2015 to find out their payments preferences in times of relatively new methods such as Bitcoin and Apple Pay, and traditional methods such as Checks, Debit Cards and Cash.
Teri Llach, Chief Marketing Officer at Blackhawk Network, said
“Consumers still have a strong preference for traditional payment methods like debit cards and prepaid cards. Those payments tools are not going away anytime soon, even as interest in and usage of new payment methods grows.
“Our findings prove that payments is not either/or when it comes to legacy payments versus emerging products; it’s really about convenience and providing a mix of options.”
Among the key findings of the survey were:
- Even though cash and checks reported the severest decline in usage, they are still the most preferred payment methods. About 93 percent used cash and 68 percent used checks.