US cash usage may have hit its floor, says Boston Fed
Consumers prefer credit cards, the top payment method in 2022, for online payments
US cash usage has levelled off and is potentially at its floor, a blogpost published by the Federal Reserve Bank of Boston says.
In 2019, 26% of payments were in cash in the US, but that fell to 19%, 20% and 18% respectively in the following three years.
The proportion of payments made by credit card rose from 18% in 2016 to 31% in 2022. Payments made by debit card rose to 29% of the total in the same year, from 27% in 2016.
“Cash use had already been in decline in the years leading up to
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