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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account