Debit Cards overtake cash as the most popular payment type, according to Fed diarists

 

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The growing popularity of debit cards and the displacement of cash by card and electronic payment alternatives is nothing new, but a Federal Reserve banks’ report released Thursday shows debit cards for the first time have surpassed cash as the most-used payment type.

The findings come from the 2018 Diary of Consumer Payment Choice, the fifth in an annual survey overseen by the Federal Reserve banks of Atlanta, Boston, Richmond, Va., and San Francisco. The research draws on a nationally representative panel of consumers who record all their purchase and bill-pay transactions and amounts over several days. The year’s group included 2,873 participants who recorded transactions for at least four days in October.

Continue reading… “Debit Cards overtake cash as the most popular payment type, according to Fed diarists”

Sweden is close to being the first country in the world to eliminate cash

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It could take up to the year 2030 for physical money to disappear from Sweden’s system altogether.

Four out of five purchases in Sweden are paid for electronically or by card according to a new report from the Swedish news organization, The Local. They also report that Swedes are using electronic payments 260 times per person, per year.

 

 

Continue reading… “Sweden is close to being the first country in the world to eliminate cash”

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