Federal Reserve Bank of Atlanta: “Together, the Survey and Diary of Consumer Payment Choice create a comprehensive picture of US consumers’ payment preferences and behavior. The Survey and Diary fills a gap in knowledge about the role of consumers in the transformation of payments from paper to electronic. Payments data is collected in the context of cash holdings, checking account balances, credit card debt, and income receipt, among other variables. The Survey and Diary are representative surveys of US consumers; demographic data is included.

• Consumers report adoption of nine payment instruments, including cash.
• Daily in October, consumers report their use of the nine instruments, including dollar value of the payment, payee, location, and device use.
• Consumers rate instrument characteristics like security, cost, and convenience and state their preferences for particular situations (for example, bill pay).

2022 Survey and Diary of Consumer Payment Choice

• The total value of payments per consumer per month was $5,029.
• Eighty-three percent of consumers reported that they had used cash in the past 30 days, down from 85 percent in 2021.
• Two-thirds of consumers had used an electronic way to pay from a bank account in the past 30 days, the same as in 2021.
• The share of purchases made remotely remained about 20 percent in 2022, the same as in 2021 and 2020 and double the share of remote purchases in 2019.
• Two-thirds of consumers reported that they had adopted an online payment account such as PayPal, Venmo, or Zelle.
• Almost half of consumers reported that they had been offered to make a purchase using buy now, pay later in the prior 30 days, up from one-third in 2021.
• Ownership of crypto assets was stable at about 10 percent of US consumers.”