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The State of Payment Methods

More Choice and Economic Changes Are Affecting How Consumers Spend

Report by Jaime Toplin  |  Feb 28, 2023

The Payments Ecosystem 2023

The Key Trends Changing How Providers Compete for Customers and Transactions

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Table of Contents
Executive Summary
Key Points
Emerging Digital Payment Options Intensify Industry Competition
Cash
Checks
Debit Cards
Credit Cards
Prepaid and Gift Cards
BNPL
Bank-to-Bank Electronic Transfer Payments
Cryptocurrency Payments
Sources
Media Gallery
About This Report
Digital payment methods continue to displace cash and checks in the US payments ecosystem. But after a pandemic-driven crest, growth is moderating amid economic uncertainty, resetting the stakes for share of wallet.
Topics
Credit & Debit
Transfers
Checkout
United States
Table of Contents
Executive Summary
Key Points
Emerging Digital Payment Options Intensify Industry Competition
Cash
Checks
Debit Cards
Credit Cards
Prepaid and Gift Cards
BNPL
Bank-to-Bank Electronic Transfer Payments
Cryptocurrency Payments
Sources
Media Gallery

Executive Summary

Digital payment methods, including cards and next-generation offerings, continue to displace cash and checks in the US. But after a pandemic-driven crest, growth is moderating amid economic uncertainty, resetting the stakes for share of wallet as noncard digital alternatives emerge.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

  1. What are the biggest consumer payment methods by volume and demand?
  2. How are volume, adoption, and usage patterns changing within each segment?
  3. What are the top trends impacting payment providers’ growth and revenue strategies in 2023?

WHAT’S IN THIS REPORT? We define and size major payment methods, offer growth insights and forecasts, and evaluate key trends affecting usage in the year to come.

Payment Methods Preferred by US Adults, 2017-2021 (% of respondents)
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KEY STAT: Consumer payment preference continues to move toward digital methods—with debit reigning supreme—but new methods are catching on and threaten to upend legacy providers.

Here’s what’s in the full report

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12charts

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Table of Contents

  1. Executive Summary
  2. Key Points
  3. Emerging Digital Payment Options Intensify Industry Competition
  4. Cash
  5. Checks
  1. Debit Cards
  2. Credit Cards
  3. Prepaid and Gift Cards
  4. BNPL
  5. Bank-to-Bank Electronic Transfer Payments
  1. Cryptocurrency Payments
  2. Sources
  3. Media Gallery

Charts in This Report

Payment Methods Preferred by US Adults, 2017-2021 (% of respondents)Share of Payment Transactions US Adults Made in Cash, 2016-2021 (% of total payments)
US ATM Users, 2020-2026 (millions and % change)Share of Payment Transactions US Adults Made by Check, 2016-2021 (% of total payments)
US B2B Payments Made by Check, 2004-2022 (% of total B2B payments)US Digital vs. In-Store Debit Card Transaction Value, 2020-2024 (billions)
US Digital vs. In-Store Credit Card Spending, 2020-2024 (billions)US Digital vs. In-Store Prepaid Card Spending, 2020-2024 (billions)
US Digital-Only Bank Account Holders and Penetration, 2020-2026 (millions and % of population)US Buy Now, Pay Later (BNPL) Payment Value and Service Users, 2020-2026 (billions of $ and millions of users)
US Automated Clearing House (ACH) Transaction Volume and Value, 2018-2022 (billions of payments and trillions of $)US Cryptocurrency Owners and Penetration, 2020-2023 (millions, % change, and % of internet users)

authors

Jaime Toplin

Contributors

Eleni Digalaki
Principal Analyst
David Morris
Principal Analyst
Melissa Rosenberg
Senior Researcher
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