Cash no longer US’s most popular means of payment

us-dollar

For the first time in the US, in 2018, cash was not the most frequently used means of payment, a new Federal Reserve report finds.

The report shows that consumers used cash for 26% of payments last year, four percentage points lower than 2017. Cash now sits just under debit cards, which rose from 26% in 2017 to 28% last year.

On average, consumers last year made 11 cash payments per month, down from 12 in 2017, while total payments increased from 41 to 43 transactions per month.

Although

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