Mass Transit Users Trust Cash over Credit Cards
Mass transit riders prefer paying with cash over credit cards, according to a new study from ACI Worldwide. The 2016 Mass Transit Payments Survey revealed 51% of mass transit users pay in cash, compared to 30% who use debit and credit cards.
Cash is also considered the more secure payment option for subways, buses, and other public transportation systems. 78% of survey participants said they trust payment processing systems, but if their information was compromised, 90% would most likely choose cash as their preferred payment option in the future.
ACI Worldwide polled riders in nine of the largest transit markets in America. Riders in New York had the most trust in payment processing security (85%), while those in Washington D.C, San Francisco and Miami had the least trust (70% or less). As a result, New York reported the lowest percentage of cash users at 42%.
Mobile payment apps were used by 12% of the respondents, a fairly high percentage. The increased adoption of mobile wallets such as Apple Pay, Samsung Pay, and Android Pay could have a significant impact on the mass transit industry moving forward.
About Bill Hardekopf
Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.