Americans spending less cash, more online

Americans spending less cash, more online

ECommerce businesses that accept payment online may have noticed a great trend - people are spending more online lately. MasterCard's World Beyond Cash survey asked Americans about the trend toward a cashless society and 73 percent said they use less cash today than they did a decade ago. Companies should prepare for protecting online payments from these customers by installing VeriSign or Thawte SSL certificates and other measures.

"Commerce has changed dramatically over the past decade thanks to the internet and e-commerce, and this survey underscores that Americans are already shifting towards a cashless society," said Carlos Menendez, group executive of global debit at MasterCard Worldwide. "For consumers, merchants and governments alike, MasterCard's technology and expertise is focused on accelerating the global trend beyond cash by helping make electronic payments safe, simple and smart."

As an example of the shift toward online spending, the report said that Mother's Day for this year has twice as many people looking to purchase a gift online rather than paying with cash, with 45 percent looking online versus 25 percent with cash. People who live far from their mother said they are looking to order a gift online or call a florist in their mother's hometown and pay electronically.

VeriSign said their SSL certificates are currently securing more than a million web servers across the world, meaning there is plenty of data for companies to look at to see the success rate this has had in making sure customers and businesses stay safe in online business dealings and payments. Bringing in a well-known solution such as this lets customers know the company is serious about payment protection and allow them to feel safer when putting their credit or debit card information onto the website.