American consumers made only 16% of their payments in cash in 2023, according to the Federal Reserve.
A new report from the Federal Reserve finds that Americans made only 16% of their payments in cash in 2023, continuing a multi-year decline in the use of physical currency. A 2022 Pew survey found that two-fifths of consumers never use cash at all.
The report, "Payment Patterns: Evidence From the U.S. Consumer Payment
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