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.
- 68 percent admitted to using debit cards and 67 percent used credit cards.
- 48 percent used Visa or MasterCard gift cards
- 14 percent made mobile payments on smartphones or tablets
- Alternative payments methods such as Bitcoin, Apple Pay or mobile wallets report an 18 percent growth in the past year. And among 68 percent of these users have been using the alternative methods for more than one year.
About Blackhawk Network Holdings
Blackhawk Network Holdings is a leading prepaid and payments global company supporting the distribution of gift cards, prepaid telecom products, and financial service products. Blackhawk’s digital platform supports prepaid across a network of digital distribution partners including retailers, financial service providers, and mobile wallets. For more information, please visit www.blackhawknetwork.com and www.giftcardmall.com.