According to 2016 US Payments
study published by TSYS, there’s a distribution of what methods people prefer to use when paying for things:
In fact, they tend to use different payment methods in different situations:
To understand what people use and under what circumstances, you’d have to consider the pros and cons that each method provides. Cash for example is very easy to use, it’s accepted everywhere (even if power is out), but it’s subject to theft; debit cards on the other hand provide the convenience of not having to carry cash around and don’t allow people to spend more than they have, but they also don’t provide the fraud protection and require the terminal to be processed; credit cards are great, but allow you to spend too much and carry high interest rates. So we’ve decided to compare all these methods, including Bitcoin, against GRAFT. Here’s what it comes down to:
Payment preferences change quickly and are different geographically and demographically, but based on this comparison, we think we’re on the right track!
Payment preferences change quickly and are different geographically and demographically, but based on this comparison, we think we’re on the right track! 