Cards Now Dominate Cash for US Payments, But Amount of Cash Still Grows

A majority of US payments are now made by card instead of cash, with cards making up 60% of payments versus just 18% by cash in 2023
Despite declining cash usage, the amount of physical currency in circulation has steadily grown since 2002, with over 54 billion notes now in circulation
Cash remains important for certain groups like underbanked consumers and is preferred for small, "hard to justify" purchases people may not want a record of
The government keeps printing money in part to replace damaged and destroyed bills already in circulation
Big bills like the $100 are convenient but enable tax evasion and crime; some experts argue the government should print fewer