In what may have significant implications for ATM deployment andother aspects of credit union operations, a study from JavelinStrategy and Research has found that debit and credit cardshave overtaken cash as accounting for the bulk of sales volume atthe retail point of sale.
|The study relied upon survey results from a representativesample of 3,210 consumers, the U.S. Census and data drawn from themajor card brands and U.S. government agencies.
|The study found that purchases with cash, while numerous, wereof generally lower transaction value. Higher value transactions atthe retail POS tended to go to debit and credit cards, with debitcards accounting for 31% of retail sales volume, credit cards 29%and cash only 27%. Further, the study forecast that cash would onlyrepresent 23% of sales volume at retail POS by 2017.
|“Cash may be the most commonly used payment option for POSretail transactions, but frequent usage does not necessarilytranslate to a higher sales volume,” the research firm wrote in its2012-2017 Retail Point of Sale Forecast.
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