POS & retail
Cash, Credit, Debit: What the Fed's Payment Diary Means for Your Checkout
In 2023 credit and debit cards made up more than 60 percent of U.S. consumer payments, and cash 16 percent. What that means at the counter.
What the diary found
The 2024 Diary of Consumer Payment Choice, which covers payments made in 2023, found that credit cards accounted for 32 percent of consumer payments and debit cards for 30 percent, together more than 60 percent. Cash fell to 16 percent. For the first time in the diary's history, cash was not the most-used payment method for purchases of 25 dollars or less.
A note on scope
The diary measures U.S. consumers across all kinds of spending, including bills and online purchases, so the mix at an individual shop will differ. Cash can still matter a great deal in some places and for some customers. The useful message is the trend: cards are the default for most people, and cash is no longer the automatic choice even for small purchases.
What it means at the counter
Card payments should be quick and simple, and the till should handle split payments and tips without fuss. Cash still needs care: counting, change and end-of-day reconciliation are where mistakes and losses can appear. A good system shows cash and card totals separately, so you can compare the drawer with the record.
Daily reports that help
Daily sales and cash reports are part of the planned feature set of both MayPos Shop and MayPos CRS, so that closing the day means comparing two clear numbers and not rebuilding them from receipts.
