US consumers complete roughly 75% of payments by count using cards or digital methods. Cash now represents about 16% of payments by count and a much smaller share by value. ACH still moves the largest dollar volumes of any rail.
The US payment system is unusually layered: dominant card networks, the world's largest ACH system, persistent check usage in B2B, and - since 2023 - a true instant rail in FedNow alongside the bank-owned RTP network.
Key statistics
- 16%2024Share of US consumer payments made with cash (by count)
Down from 31% in 2016. Cash remains common for small-value, in-person payments.
- 60%+2024Share of US consumer payments made with credit or debit cards
Combined; debit slightly leads credit by count, credit leads by value.
- 33+ billion2024ACH network annual transaction volume
Moving over $80 trillion per year - the largest dollar-value rail in the US.
- 1,300+2025FedNow participating financial institutions
Up from 35 at launch in July 2023; available to ~80% of US demand deposit accounts.
- < 1 per month2024Median US consumer check usage
Driven primarily by older demographics and B2B remnants.
Frequently asked
Is the US going cashless?+
Cash usage is declining, but the US is not on a trajectory to eliminate cash. Federal and state laws in several jurisdictions require merchants to accept cash for in-person retail.
How does FedNow compare to Zelle?+
FedNow is a settlement rail operated by the Federal Reserve; Zelle is a consumer-facing overlay that historically settled via ACH and is increasingly using RTP or FedNow underneath for instant delivery.
Sources & References
- U.S. Federal Reserve / Atlanta Fed - Diary of Consumer Payment Choice
- U.S. Federal Reserve - Federal Reserve Payments Study
- U.S. Federal Reserve - FedNow Service Updates
External references are cited for context and discovery. CashlessTechnology.com is not affiliated with the listed organizations unless explicitly stated.