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How a Cashless Future Could Impact the Credit Union Industry

Learn four key areas of consideration for credit unions as cash becomes more obsolete.

By Jami Jennings | August 16, 2019 at 09:00 AM
Using iPhone to make a mobile payment Source: Shutterstock

The verdict is in – society is moving toward a cashless future. According to a recent report by Visa, a mere 11% of consumers prefer cash payments to credit. This number will only decrease as members of Gen Z join the workforce and start to make financial decisions in today’s world. In fact, an Accenture survey found that “68% of Gen Z consumers are interested in instant person-to person payments – more than any other age group.” Credit unions must fervently answer this call and strategically plan for changing demographics and their dynamic needs.

To meet consumer demands and prepare for a society in which cash is no longer the king, credit unions will have to consider the following:

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