Western Union predicts cash and prepaid cards to dominate payment options

A new survey was recently announced by Western Union that found 79% of consumers like regulations that limit credit card fees such as interest rates and late payment penalties. 60% of other consumers expressed their strong support for the tighter regulations with 27% of consumers reporting more cash use than it was in the past.

Thus, Western Union makes such a forecast: "as The Credit Card Accountability, Responsibility and Disclosure Act is implemented, businesses will witness a change in consumer spending, with cash and pre-paid cards being a more desirable option among consumers."

“Consumers are clearly looking for more options to better manage their money, including how they use and rely on their credit cards to make everyday purchases,” said Jorge Consuegra, senior vice president, U.S. Product Management, Western Union. 

Apart from this the survey also revealed that while using cash consumers can have a better way to control their spending and avoid accumulating debt, 66% of those surveyed noted their inability to make online purchases.