The State of Payment Methods: More Choice and Economic Changes Are Affecting How Consumers Spend

• Cash and checks are declining but not disappearing.
• Debit, credit, and prepaid cards will compete for growing digital spending.
• FedNow's launch could increase the prominence of bank-based payments and intensify competition.

Although debit still reigns supreme, with consumer preferences moving toward digital, cash and checks will continue to be displaced in the US.