Cash no longer US’s most popular means of payment
Debit cards were the most frequently used means of payment in 2018, Fed report finds
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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