Spring Break 2018 is here, and travelling is the number one way to spend the week off. Travelling to international destinations is a popular spring break activity. And according to a recent Visa travel study, so is spending cash while on vacation. Why do most travelers prefer using cash when travelling internationally? What can credit unions do to change their members’ habits to get them to use cards instead?
We travel with a lot of cash!
Most travelers still prefer to use cash when making purchases while away from home, according to the recently released Visa Travel Global Intention Study.
While it’s no surprise to know technology is a travel essential to book hotels and airfare, it is remarkable to discover how many consumers still use cash for travel related expenses. Of the total $1,793 spent on the average trip, $778 of that is in cash. With the spring break travel season already here, and the summer travel season coming soon, issuers need to understand consumer travel purchase behavior so they can create tactics to convert cash spending while on vacation to card/device spending.
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