New Studies Show Cash Is As Important As Ever, Particularly to Underbanked Americans

Rhea-AI Summary

The independent research firm Javelin Strategy & Research, supported by Cardtronics, released studies analyzing cash usage in the U.S., revealing insights before and during the COVID-19 pandemic. Their report, Health of Cash Check-Up May 2020, highlights that cash remains the most preferred payment method, with no significant shift to mobile payments. Key findings include an unchanged payment preference, fewer total payments, and cash's vital role for the underbanked. This reflects cash's ongoing importance despite the economic challenges posed by the pandemic.

Positive

• Cash remains the most used payment method in the U.S.
• Payment preference has not changed despite COVID-19.
• Consumers are not worried about using cash, indicating stability in cash transactions.

Negative

• Consumers are making fewer payments of all types, which may affect transaction volumes.

HOUSTON, June 11, 2020 (GLOBE NEWSWIRE) -- Independent research company, Javelin Strategy & Research, with support from Cardtronics, conducted two new studies on cash to assess the strength and desirability of all payment options and to provide a window into consumer payment preferences within the U.S., both before and during the COVID-19 pandemic and economic downturn.

In late 2019, Cardtronics commissioned an independently produced research report about cash usage in the U.S., which published in February 2020 as the 2020 Health of Cash Study. Earlier this year, Cardtronics commissioned Javelin to conduct a companion study to measure consumer sentiment toward cash and payments during the pandemic. Cardtronics summarized the results of these two studies in a white paper called Health of Cash Check-Up May 2020: A Study of Cash and Payments in the United States.

Paul Wilmore, CMO for Cardtronics, said, “We saw from the first study that cash was the most used payment method and consumers associated cash with protection from data hacking, availability for everyone, privacy protection, spending control, and reliability. The second study revealed that for most consumers, cash remains the most used payment method of any available. While COVID-19 has created tremendous change in nearly every aspect of the daily lives of consumers, the crisis has not removed cash from its place of critical importance in the wallets of U.S. consumers.”

Key findings of the new study include:

• Payment preference, and the preference to pay in cash, has not changed
• Consumers are making fewer payments of all types
• Consumers are not worried about using cash
• For underbanked, cash is still the most important way to pay
• Consumers want to choose how they pay
• Consumers are not significantly shifting payment activity to mobile and contactless

Both studies are available for download at cardtronics.com/healthofcash.

About Cardtronics (Nasdaq: CATM)

Cardtronics is the trusted leader in financial self-service, enabling cash transactions at approximately 285,000 ATMs across 10 countries in North America, Europe, Asia-Pacific, and Africa. Leveraging our unmatched scale, expertise, and innovation, top-tier merchants and businesses of all sizes use our ATM solutions to drive growth, in-store traffic, and retail transactions. Financial services providers rely on Cardtronics to deliver superior service at their ATMs, on Cardtronics ATMs where they place their brand, and through Cardtronics' Allpoint Network, the world’s largest surcharge-free ATM network, with over 55,000 locations. As champions of cash, Cardtronics converts digital currency into physical cash, driving payments choice for businesses and consumers alike. To learn more about Cardtronics, visit www.cardtronics.com and follow us on LinkedIn and Twitter.

Contact Information:

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40%; width:40%; min-width:40%;">Media Relations Lisa Albiston VP Public Relations and Communications 832-308-4000 corporatecommunications@cardtronics.com	60%; width:60%; min-width:60%;">Investor Relations Brad Conrad EVP – Treasurer 832-308-4000 ir@cardtronics.com
For more information, please visit: www.cardtronics.com

Cardtronics is a registered trademark of Cardtronics plc and its subsidiaries.
All other trademarks are the property of their respective owners.

FAQ

What were the key findings about cash usage during the pandemic for CATM?

The studies indicate that cash remains the most preferred payment method, with no significant shift to mobile or contactless payments.

How does Cardtronics (CATM) view cash in the context of consumer payment preferences?

Cardtronics highlights that cash is essential for many consumers, especially the underbanked, and remains critical amidst payment method changes during the pandemic.

What is the relationship between Cardtronics and Javelin Strategy & Research?

Cardtronics commissioned Javelin Strategy & Research to conduct studies on cash usage, providing insights into consumer payment preferences.

When was the research regarding cash usage released?

The studies were commissioned by Cardtronics in late 2019 and summarized in a white paper released in June 2020.

Where can I find the Health of Cash Check-Up report by Cardtronics?

The report can be downloaded from Cardtronics' website under the Health of Cash section.