WalletHub analyzed the consumer payment landscape using publicly available data and a variety of metrics that clearly illustrate significant patterns in consumer spending. The results listed below not only elucidate consumer payment preferences, but also indicate how usage costs and transaction amounts differ across payment vehicles as well as over time.
Market Share of Payment Type by Number of Transactions
(Source: Federal Reserve, 2022)
Number of Payments by Type (In Billions)
For the first time in 2020, the total number of card payments declined, with ACH gaining substantially as a share of noncash payments by both number and value. This is due to the decline of in-person card payments as behavior changed sharply in 2020 with the COVID-19 pandemic.
(Source: Federal Reserve Payments Study, 2015-2021)
