SAN FRANCISCO—Cashless society? Not yet. More than half (55%) of U.S. mobile users said they hate the idea of life without cash, signifying a major hurdle for financial institutions, payments processors and tech companies that urge consumers to adopt digital wallets, a new report reveals.
According to a survey by Origin, about three-fourths (76%) of mobile users carry cash, and 45% said there's no reason to use mobile payments, explained Mobile Marketer in its analysis.
Younger consumers are leading the way with the adoption of mobile payments, the study found.
Twenty-two percent of survey respondents under 40 said they use mobile payments daily, while 45% of people over 40 said they've never used mobile payments, noted Mobile Marketer.