A newly released survey by the personal finance website CreditCards.com shows that while millennials and Gen Xers increasingly prefer to use credit cards to make even small purchases, older Americans aren’t quite ready to embrace the concept of a cashless society
Mexico, the fifteenth largest economy in the world, runs on cash.
Despite the rise of electronic banking and alternate forms of payment in the past 15 years, nearly 90 percent of consumer transactions in Mexico are still paid using cash.
The popularity of the age-old payment method is, in fact, so high that Mexicans have a higher propensity for cash than any other country in North America.
As of 2015, cash usage in Mexico as a percent of its gross domestic product (GDP) stood at 26.7 percent. And with the growth in Mexico’s economy, overall use of cash is bound to go up. As of 2015, with a GDP of $1,153 billion, Mexico was the third largest economy in North America. Its GDP is expected to grow by 6.8 percent compound annual growth rate (CAGR), reaching $1.6 trillion between 2015 and 2020.
Standing in line for a 99 cent bowl of poke, I held a weathered dollar bill. It was the grand opening of RAW MKT, a Hawaiian-Japanese fusion joint, and they were offering the usually $11.99 meal for a buck. When I collected my spicy tuna bowl and presented my limp bill and a dime for tax at the cash register, I was informed that the establishment was card-only. It seemed silly to charge $1.08, but I had no other choice. I rummaged in my purse for my credit card and went off to eat the marinated fish.
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