When the report compared findings with those from 2020, it found that payment methods were very consistent. The use of paper payments, such as cash, checks, and money orders, was used for 27% of payments, and electronic methods (bank account number payment and online banking bill payment) were used for 13%, while “other” methods of payment, such as payment apps like Zelle and Venmo, made up for less than 1% of payments. Although cash still comes out as one of the top payment methods, the report also notes that more than half of payments (60%) were made with payment cards, such as debit, credit, and prepaid. consumers made most of their payments with debit cards, credit cards, and cash. Even as most of the COVID-19 restrictions have been lifted, you still see stores and businesses keeping the “no cash” policy in place.Īccording to the 2023 Diary of Consumer Payment Choice by the Federal Reserve Bank of Atlanta, in May 2023, U.S. During the pandemic, cash became another way of spreading germs, and as a result, a lot of retailers stopped accepting cash as a form of payment. The COVID-19 pandemic might have accelerated the process of cash being used less within the U.S. The Most Popular Payment Methods in the U.S. 93% of global consumers said they would keep using contactless payment methods beyond the pandemic.³.Demand for cash has remained consistent since 2020, even with the increase in mobile and electronic payment options.¹.93% of consumers have no plans to stop using cash within the next 5 years.¹.It is estimated that by 2024, 91% of transactions will be electronic.².The adoption of mobile wallets rose to a historic high of 51% in 2021.².60% of payments in 2022 were made with payment cards, such as debit, credit, and prepaid cards.¹.Read on for everything you need to know about payment methods in the U.S. In this article, we will dig into the different types of payment methods, how the pandemic has changed payment methods, the growth of digital wallets, and if the way we pay for items impacts how much we spend. These are all great options, but which payment option is the most popular in the U.S.? Credit cards, debit cards, cash, and digital wallets are just a few of the ways consumers can pay for items in 2023.

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