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Preferred payment methods in the U.S. 2018
Leading payment methods in the United States in 2018
by M. Szmigiera,
last edited
Aug 20, 2019
Personal credit cards were the preferred payment method in the United States in 2017, with nearly 30 percent of respondents preferring that. Using a debit card was the second most common payment method, followed by cash.
Why does payment method matter?
One of the major functions of a currency is a means of exchanging goods and services. In the increasingly digital era, cash payments are becoming less common in most markets. The smartphone has revolutionized the convenience and security of digital payments, as have other technological changes in point-of-sale units. For merchants and financial institutions, knowing which payment instruments will dominate can prepare them to handle future transactions.
Traditional payment options
While digital methods such as eWallets have become more common, the number of credit cards does not seem to be declining significantly. This is in part due to the fact that these wallets use a credit or debit card to facilitate the transactions. As such, these payment methods are likely to remain common, at least in this capacity. The purely digital options, known as cryptocurrencies, are currently constrained by such factors as lack of governmental supervision or lengthy transaction times, keeping them less popular in this statistic.
Leading payment methods in the United States in 2018
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by M. Szmigiera,
last edited
Aug 20, 2019
Personal credit cards were the preferred payment method in the United States in 2017, with nearly 30 percent of respondents preferring that. Using a debit card was the second most common payment method, followed by cash.
Why does payment method matter?
One of the major functions of a currency is a means of exchanging goods and services. In the increasingly digital era, cash payments are becoming less common in most markets. The smartphone has revolutionized the convenience and security of digital payments, as have other technological changes in point-of-sale units. For merchants and financial institutions, knowing which payment instruments will dominate can prepare them to handle future transactions.
Traditional payment options
While digital methods such as eWallets have become more common, the number of credit cards does not seem to be declining significantly. This is in part due to the fact that these wallets use a credit or debit card to facilitate the transactions. As such, these payment methods are likely to remain common, at least in this capacity. The purely digital options, known as cryptocurrencies, are currently constrained by such factors as lack of governmental supervision or lengthy transaction times, keeping them less popular in this statistic.
- Show sources information
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- Release date
- November 2018
- Region
- United States
- Survey time period
- 2018
Source
- Show sources information
- Show publisher information
- Release date
- November 2018
More information
- Region
- United States
- Survey time period
- 2018
Other statistics on the topic
Cashless payments in the United States
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Cashless payments in the United States
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Statistics on "Cashless payments in the United States"
- Overview
The most important statistics
- Number of non-cash transactions worldwide from 2013 to 2022, by region (in billions)Number of cashless transactions worldwide 2013-2022, by region
- Distribution of cashless payment means worldwide in 2017, by region and typeDistribution of non-cash payment means worldwide 2017, by region and type
- Value of non-cash payment transactions in the United States in 2012 and 2015, by type (in trillion U.S. dollars)Value of non-cash payment transactions in the U.S. 2012-2015, by type
- Number of non-cash payments in the United States from 2000 to 2015, by type (in billions)Number of cashless payments in the U.S. 2000-2015, by type
- Payment instruments used most frequently to complete transactions in North America in 2016 and 2020Transaction payment instruments used at least weekly in North America 2020
- Leading payment methods in the United States in 2018Preferred payment methods in the U.S. 2018
- In general, how do you pay for everyday purchases?Payment preferences in the U.S. 2017
- If given a choice, how would you prefer to pay for each type of purchase shown below?Preferred payment methods for selected items in the U.S. 2017
- Credit cards
The most important statistics
- Value of credit and debit card transactions in the United States in 2012 and 2015 (in trillion U.S. dollars)Value of credit and debit card transactions in the U.S. 2012-2015
- Which banks or financial institutions do you use for credit card?Financial institutions used for credit card in the U.S. 2017
- Which of the following are reasons why you prefer to pay with a credit card?Reasons for using credit cards as payment means in the U.S. 2017
- How many credit cards do you have in total?Number of credit cards owned in the U.S. 2017
- Why do you prefer credit cards?Reasons for credit card preference in the U.S. in 2017, by generation
- Share of Americans not trusting themselves to use a credit card for fear of overspending in 2017Share of Americans not using a credit card for fear of overspending 2017
- How much do you agree or disagree with the statement ''I think credit cards are safer to use compared to debit cards''?Attitude of consumers toward safety of card payments in the U.S. 2017
- Opinion of Americans towards the possibility of paying with credit card at most places where they shopped in 2017Opinion on credit card acceptance in the U.S. 2017
- Debit cards
The most important statistics
- Which of the following do you consider to be your primary bank or financial institution for your debit card?Financial institutions used for debit cards by Americans 2017
- Which of the following are reasons why you prefer to pay with a debit card?Reasons for using debit cards as payment means in the U.S. 2017
- Why do you prefer debit cards?Reasons for debit card preference in the U.S. in 2017, by generation
- Attitude of Americans towards using debit cards and cash because it is easier to stick to the budget in 2017Attitude towards using debit cards/cash to stick to the budget in the U.S. 2017
- Use of prepaid debit card use by households in the United States in 2013 to 2017, by household typePrepaid debit card use in U.S. households 2013-2017, by household type
- Share of purchases made with debit cards in the United States in 2017Share of purchases made with debit cards in the U.S. 2017
- Online and mobile payments
The most important statistics
- Distribution of mobile banking users in the United States from 2011 to 2015, by age groupDistribution of mobile banking users in the U.S. 2011-2015, by age group
- Distribution of mobile banking users in the United States from 2011 to 2015, by ethnicityDistribution of mobile banking users in the U.S. 2011-2015, by ethnicity
- Attitudes towards mobile payments according to online shoppers in the United States as of August 2018U.S. shopper mobile payment attitudes 2018
- Usage of mobile phones for selected financial activities according to internet users in the United States in 2017Penetration of mobile payment usage in the U.S. 2017
- Thinking of the mobile payment method you use most often, what account(s) do you have your electronic payment linked to?Accounts of U.S. college students linked to mobile payment methods 2015, by age
- Mobile payment security concerns in the United States in 2015Mobile payment security concerns of U.S. consumers 2015
- Preference of Americans to pay for store purchases using a mobile wallet or an EMV card in 2017Preference for paying with mobile wallets or EMV cards in the U.S. 2017
- How likely do you think it is that mobile contactless payments will become a major form of payment in the next five years?U.S. consumer opinion on the future use of mobile contactless payments 2017
- Check payments
The most important statistics
- Value of check payments in the United States in 2012 and 2015 (in trillion U.S. dollars)Value of check transactions in the U.S. 2012-2015
- Share of purchases made with paper checks in the United States in 2017Share of purchases made with paper checks in the U.S. 2017
- P2P payments
The most important statistics
- Value of mobile peer to peer payments in the United States from 2013 to 2018 (in U.S. billion dollars)Value of mobile P2P payments in the U.S. 2013-2018
- Leading peer-to-peer lending websites in the United States from August 2016 to July 2017, by number of monthly visits (in 1,000's)Leading P2P lending websites in the United States 2016 to 2017, by monthly visits
- Cryptocurrencies
The most important statistics
- Why are you not interested in using Bitcoin for internet purchase/sale transactions?Reasons for disinterest in using Bitcoin for internet transactions in the U.S. 2013
- Would you be open to the idea of using Bitcoin for transactions and purchases?Willingness to use Bitcoin for transactions and purchases in the U.S. 2017
- Miscellaneous
The most important statistics
- Attitude of Americans towards the possibility of choosing payment method basing on shopping location in 2017Possibility of choosing payment method basing on shopping location in the U.S. 2017
- Most convenient to use money transfer and payment apps according to users in the United States as of July 2017U.S. opinion on most convenient money transfer and payment apps 2017
- Attitude of Americans towards not needing cash to pay for purchases within one month in 2017Attitude of consumers toward cashless spending in the U.S. 2017
- Which of the following would help convince you to try a new or different way to pay for goods and services? Potential reasons to change payment method in the U.S. 2017, by generation
- Which form of payment do you use most often for online shopping?U.S. online shopping payment method preference 2017
- Most secure money transfer or payment app according to users in the United States as of July 2017U.S. opinion on most secure money transfer or payment app 2017
- Most important payment app features according to consumers in the United States as of July 2017Important payment app features in the U.S. 2017
- Experience of EMV card users in the United States in 2016EMV card usage experience in the U.S. 2016
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