The State of Payment Methods

More Choice and Economic Changes Are Affecting How Consumers Spend

Executive Summary

Digital payment methods, including cards and next-generation offerings, continue to displace cash and checks in the US. But after a pandemic-driven crest, growth is moderating amid economic uncertainty, resetting the stakes for share of wallet as noncard digital alternatives emerge.


  1. What are the biggest consumer payment methods by volume and demand?
  2. How are volume, adoption, and usage patterns changing within each segment?
  3. What are the top trends impacting payment providers’ growth and revenue strategies in 2023?

WHAT’S IN THIS REPORT? We define and size major payment methods, offer growth insights and forecasts, and evaluate key trends affecting usage in the year to come.

KEY STAT: Consumer payment preference continues to move toward digital methods—with debit reigning supreme—but new methods are catching on and threaten to upend legacy providers.

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Jaime Toplin


Eleni Digalaki
Principal Analyst
David Morris
Principal Analyst
Melissa Rosenberg
Senior Researcher

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