Cards was still a popular POS payment method in the United States after COVID-19, whilst BNPL had a smaller market share. 40 percent of POS payments that year were being made with credit card. Using a debit card was the second most common payment method, followed by cash.
Why do payment methods 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 digital or mobile wallets, 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 from becoming more popular.
Market share of cash, credit cards, and other payment methods at point of sale (POS) in the United States in 2017, 2019, 2020 and 2021
* The source made changes to its categories in 2021, see the "Details" tab for more information.
Supplementary notes
In 2022, the source stated it made two changes to the categories used in previous years. These include a combination of "credit cards" with "charge/deferred debit cards" and the split of BNPL from "POS financing" (which itself was added as a new category in 2020). The latter change was made to atone for the "growing importance of BNPL".
The figures have been taken from several publications. No figures were available for 2018 as the source did not release any reports that year.
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Worldpay. (March 2, 2022). Market share of cash, credit cards, and other payment methods at point of sale (POS) in the United States in 2017, 2019, 2020 and 2021 [Graph]. In Statista. Retrieved May 16, 2022, from https://www.statista.com/statistics/568523/preferred-payment-methods-usa/
Worldpay. "Market share of cash, credit cards, and other payment methods at point of sale (POS) in the United States in 2017, 2019, 2020 and 2021." Chart. March 2, 2022. Statista. Accessed May 16, 2022. https://www.statista.com/statistics/568523/preferred-payment-methods-usa/
Worldpay. (2022). Market share of cash, credit cards, and other payment methods at point of sale (POS) in the United States in 2017, 2019, 2020 and 2021. Statista. Statista Inc.. Accessed: May 16, 2022. https://www.statista.com/statistics/568523/preferred-payment-methods-usa/
Worldpay. "Market Share of Cash, Credit Cards, and Other Payment Methods at Point of Sale (Pos) in The United States in 2017, 2019, 2020 and 2021." Statista, Statista Inc., 2 Mar 2022, https://www.statista.com/statistics/568523/preferred-payment-methods-usa/
Worldpay, Market share of cash, credit cards, and other payment methods at point of sale (POS) in the United States in 2017, 2019, 2020 and 2021 Statista, https://www.statista.com/statistics/568523/preferred-payment-methods-usa/ (last visited May 16, 2022)
