2018 US Survey of Consumer Payment Choice
October 30, 2019
In 2018, consumers made most of their payments with debit cards, followed by cash and credit card. Cash was used by more consumers than any other payment instrument: 9 out of 10 consumers use cash at least once a year.
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CashMoney in physical form such as banknotes and coins. More is used for a Quarter of Transactions
The Federal Reserve Bank of Atlanta released in August 2019 its latest 2018 Survey of Consumer Payment Choice (SCPC), the 11th in a series of annual studies that aim to gain a comprehensive understanding of US consumers and their paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More behaviour.
Here are some of the key findings.
- US consumers made 72 payments per month on average, including 50 purchases and person-to-person payments and 22 bill payments. The numbers have been consistent over the past decade.
- On average, 34% of payments were settled by debit card, 24% in cash and 23 by credit card. Since 2009, cash has declined from 30% of transactions to 24%.
- For the first time in 2018, debit cards replaced cash as the payment instrumentDevice, tool, procedure or system used to make a transaction or settle a debt. More used most frequently for in-person purchases.
- 93% of U.S. consumers had a bank account, maintaining the same level as in 2015, 2016 and 2017.
- Almost 50% had a non-bank payment account; PayPal is the most common.
- Half of consumers owned six or seven payment instruments.
- Cash was used by more consumers than any other payment instrument: 9 out of 10 consumers use cash at least once a year.
- Cash was used for about half of person-to person payments
Download the full pdf file here.
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