In May, Federal Reserve Financial Services released the 2025 Diary of Consumer Payment Choice, a study of U.S. consumers’ payment habits. The data revealed that amid increasing digitalization of payments driven by credit card usage, mobile phone usage and remote payments, consumers continue to use cash and keep it handy.
U.S. consumers made an average of 48 payments per month in 2024
Cash accounted for 14% of all U.S. consumer payments by number of payments, while credit and debit cards accounted for 35% and 30% of payments, respectively.
In total, U.S. consumers made an average of 17 credit card payments, 14 debit card payments, seven cash payments, six ACH payments, one check payment and two with other methods every month.
Credit card usage is driving growth in total payments
Continuing a trend since 2021, U.S. consumers made more total payments in 2024 than in the previous year. Credit card payments drove overall growth.
In 2021, U.S. consumers made an average of 10 credit card payments per month, compared to 12 in 2022, 15 in 2023 and 17 in 2024. Additionally, most of the increase in the overall number of payments occurred in payments made remotely (i.e., not in person).
Payments made with a mobile phone increased for all age groups
In 2024, U.S. consumers used mobile phones for an average of 11 payments per month, or 23% of all monthly payments. Mobile phone payments have increased in recent years, as consumers made only four payments with a mobile phone in 2018.
Adults aged 18 to 24 were more likely than any other age group to pay with a mobile phone, using them for 45% of all payments.
Cash remains relevant to U.S. consumers
Amid increasing digitalization, U.S. consumer demand for cash remains stable. For the past five years, cash has been the third-most-used payment instrument. In that same time period, the average number of cash payments has stayed the same: seven per month.
Certain demographic groups rely more on cash than members of the general population, including people in households earning less than $25,000 per year and adults 55 and older. However, more than 90% of all U.S. consumers intend to use cash as a means of payment or store of value in the future.
Since 2016, the Federal Reserve has conducted this annual consumer survey to better understand the payment habits of U.S. consumers. Read the full 2025 Diary of Consumer Payment Choice report for more insights and statistics.
