In October 2023, US consumers reported making 45.6 payments per month on average, an increase over 2022. As a share of all payments by number, most payments were by credit card (32 percent) or debit card (30 percent). By value, 42 percent of payments value was made electronically from a bank account using one of two ACH methods and 37 percent were made using a card (debit, credit, or prepaid).
In October 2023, US consumers reported making 45.6 payments per month on average, an increase over 2022. As a share of all payments by number, most payments were by credit card (32 percent) or debit card (30 percent). By value, 42 percent of payments value was made electronically from a bank account using one of two ACH methods and 37 percent were made using a card (debit, credit, or prepaid).
For 2023, the Survey and Diary of Consumer Payment Choice found the following:
Mobile has won over three-quarters of US consumers; 72 percent of consumers adopted online or mobile payment accounts like PayPal, Zelle, Venmo, and Cash App in 2023, a statistically significant increase from 2022.
Nevertheless, almost all consumers used cash. Almost 90 percent of consumers used cash, and a quarter of in-person purchases were made with cash.
More credit cardholders reported paying fees, while revolving behavior was stable.
By number, most payments are card payments. By value, most payments are made electronically from a bank account.
This report for 2023 focuses on the number and shares of payments by transaction type and payment instrument as well as on changes from 2022. A total of 4,579 respondents completed the 2023 survey and diary.
