News in Brief

US Cash Payments Decline

2024 Survey and Diary of Consumer Payment Choice: Summary Results – Federal Reserve Bank of Atlanta

The latest US survey and diary of consumer payment choice compared October 2023 with October 2024. The number of payments per month increased by 6% while their value per consumer over a month increased by 28%. The average payment dollar value increased by 21% to $142.

Cash payments were down from 87% in 2023 to 83% in 2024, while cash, as a share of all payments, fell 2% to 14% in 2024. A look at how cash is used in different circumstances shows that it remains consistently used for all purchase values, albeit at a relatively low level.

The share of payments with each payment instrument by dollar range looked at in person, not in person, bills, all transactions and all purchases. For in person transactions cash fell from 36% for purchases worth $10 or less to 14% for $60-70 and then plateaued out, not falling below 14% until making purchases of $130-140. For purchases over $190, the percentage rose over 16% to 20% for $200 and over.