Consumers still consider cash essential even through the pandemic

The Story: New data shows that a significant percentage of consumers still prefer cash, despite the availability of digital payment methods. This is especially true when they’re making quick, small purchases under $20 and tipping for goods or services.

The Takeaway: Even as consumers continue digital adoption for their transactions, cash will continue to serve an important function in the economy generally and in financial services in particular, despite changes brought on by the pandemic. That means banks will continue to play a critical role in handling cash for deposits and withdrawals – inside the branch through Teller Cash Recyclers (TCRs) or outside with self-service technology like ATMs and Interactive Teller Machines (ITMs).

Source: WSFS Financial, September 3, 2021