How Cashless Spending Has Grown since 2015

The mismatch of demand and supply caused the first of several pandemic-induced shock waves through global supply chains as retailers scrambled to keep up with the surge in online shopping for everything from living room furniture to hand sanitizer.

In 2020, Americans using cashless payments sent and received more than $7 trillion in credit and debit card payments and $62 trillion through automated clearing house transfers.

Cashless Spending 

Experian examined data from the Federal Reserve's Payments Study to see how cashless spending changed in 2020 and how spending habits evolved in the years leading up to the pandemic.

Share of cashless transactions by type in 2020 In 2020, stay-at-home guidelines and social distancing recommendations kept many Americans away from stores. 

Even as spending on credit cards saw slower growth in 2020, Americans spent the previous five years using their debit and credit cards for more and more purchases.

Card use among consumers continues to climb

Total card payments dip slightly in 2020

Consumers swiped their debit and credit cards at fewer registers in 2020 as the pandemic kept shoppers away from brick-and-mortar stores.

Consumers spent more than that on average when paying through an e-commerce website, recurring autopay bills or payment installments, or some other remote shopping experience not specifically tracked by the Fed.

Transaction amount varies by how consumers pay

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