Payment Method Statistics:
- Highest Market Share: Credit Cards (31%)
- Highest Increase in Usage: Credit Cards (72%)
- Highest Number of Payments: Credit & Debit Cards (157 billion)
- Highest Value of Payments: ACH ($91.85 billion)
- Share of Purchases Made In Person: 81%
WalletHub analyzed the consumer payment landscape using publicly available data and a variety of metrics that clearly illustrate patterns in consumer spending. The results listed below not only illustrate consumer payment preferences, but also indicate how usage costs and transaction amounts differ across payment vehicles as well as over time.
Current Market Share of Payment Methods
Nearly two-thirds of payments are made with a credit card or debit card.
Market Share of Payment Methods Over Time
Market Share by Number of Transactions
Cash payments have declined by roughly 42% since 2016, while credit card use has increased by 72%.
Market Share by Age
People under 24 years old use cash for 13% of payments, while those over 65 choose cash 23% of the time.
Market Share by Income
People with higher income levels tend to use credit cards more often, while people with lower income rely more on debit cards or cash.
Number of Payments by Payment Method
The number of payments made by card and ACH increased by 55% and 51%, respectively, between 2015 and 2021. Meanwhile, the number of payments made by check decreased by 38%.
Value of Payments by Payment Method
There was a 76% increase in the value of ACH payments between 2015 and 2021.
Share of Online vs In-Person Purchases
Online payments have been steadily increasing in recent years, with 19% of purchases and peer-to-peer payments made online or remotely in 2022.
Average Number of Monthly Payments by Merchant Type
Merchant Type | Year | Cash | Non-Cash | Total |
---|---|---|---|---|
Fast Food and Coffee Shops |
2022
|
1.3 | 3.4 | 4.7 |
2021
|
1.3 | 3 | 4.3 | |
2020
|
1.1 | 2.9 | 4 | |
2019
|
2 | 3.2 | 5.2 | |
Gas Stations |
2022
|
0.8 | 2.6 | 3.5 |
2021
|
0.7 | 2.3 | 3 | |
2020
|
0.7 | 2.1 | 2.8 | |
2019
|
1.2 | 2.5 | 3.7 | |
General Merchandise and Department Stores |
2022
|
0.7 | 3.1 | 3.8 |
2021
|
0.7 | 2.8 | 3.5 | |
2020
|
0.7 | 2.9 | 3.6 | |
2019
|
1 | 3.1 | 4.1 | |
Grocery and Convenience Stores |
2022
|
1.3 | 5.5 | 6.8 |
2021
|
1.3 | 4.8 | 6.1 | |
2020
|
1.3 | 4.5 | 5.7 | |
2019
|
2.1 | 4.7 | 6.8 | |
Sit-down Restaurants and Bars |
2022
|
0.6 | 2 | 2.6 |
2021
|
0.6 | 1.5 | 2.1 | |
2020
|
0.4 | 1 | 1.4 | |
2019
|
0.8 | 1.8 | 2.6 |
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