Consumers last year were less likely to use cash and more likely to use payment cards than they were a year ago, according to a Federal Reserve survey.
The study found that 26 percent of surveyed consumers used cash in payments and transactions over three consecutive days in 2018, down from 30 percent in 2017. Debit card use rose from 26 percent to 28 percent, while credit card use increased from 21 percent to 23 percent.
Cash remained heavily used for small-value payments, representing 49 percent of payments under $10. Meanwhile, total monthly payments increased from 41 to 43 transactions, largely driven by increases in the number of debit and credit card transactions.
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