There was no single worldwide winner among payment methods in 2024: the answer depends on where a payment was made, what people said they preferred, and what they actually used. In the euro area, more people preferred cashless payments in shops, yet cash remained the most frequently used point-of-sale method. U.S. data show a different pattern of use, while online and cross-border shopping bring cards, digital wallets and local payment services into the mix.
Why there is no one global favorite
“Most preferred” can mean a stated preference in a survey, the method used for the largest number of transactions, the method handling the most money, or the method people use in a particular channel. Those measures are not interchangeable. A payment method can lead by transaction count but not by value, or be preferred in a poll while another method is used more often in daily life.
The available 2024 evidence also covers different places and populations rather than one standardized worldwide sample. The European Central Bank’s Study on the Payment Attitudes of Consumers in the Euro Area (SPACE) combines survey responses with diary-recorded payments in the euro area. The Federal Reserve Financial Services’ diary findings, published in 2024, describe U.S. payments made in 2023. Industry surveys cover their own selected markets and definitions.
| Evidence set | What it measures | Key result | Scope |
|---|---|---|---|
| ECB SPACE, 2024 | Stated preference for shop payments | 55% preferred cards or other cashless methods; 22% preferred cash; 23% had no clear preference | Consumers in the euro area |
| ECB SPACE, 2024 | Diary-recorded point-of-sale transaction frequency | Cash 52%; cards 39%; mobile devices 6% | Consumers in the euro area |
| Federal Reserve Financial Services, published 2024 | Diary-recorded monthly payment use | Credit cards 32%; debit cards 30%; cash 16% | U.S. payments made in 2023 |
| Airwallex, 2024 | Survey-reported use for international merchant purchases and purchase intention | Credit cards 39%; global digital wallets 26%; 77% said they would likely abandon a cart if their preferred method were unavailable | Survey markets: Australia, China, Hong Kong, Singapore, the UK and the US |
| McKinsey, 2024 | Surveyed digital-wallet adoption for in-store payments | U.S. adoption was 28% in 2024, compared with 19% in 2019 | United States; survey measure, not transaction share |
What payment methods did euro-area consumers prefer and use?
The ECB’s 2024 SPACE findings show why preference and behavior need separate labels. Although cashless payments were the stated shop preference for a majority, cash still appeared in more point-of-sale transactions than any other single method. Cards, meanwhile, accounted for the largest share of day-to-day payment value: 45%, compared with 39% for cash. That value measure answers a different question from which method was used most often.
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The setting matters, too. Three-quarters of euro-area day-to-day payments by count took place at a physical point of sale, 21% were online and 4% were person-to-person (P2P). By value, the respective shares were 58%, 36% and 6%. Small in-person purchases were more likely to be paid in cash; cards led for point-of-sale payments above €50.
Country patterns are not uniform
Cash was the most frequently used point-of-sale method in 14 of the 20 euro-area countries covered by SPACE. Its share of transactions ranged from 22% in the Netherlands and 27% in Finland to 64% in Slovenia and 67% in Malta. Stated preference also varied: cashless shop payments were preferred by 39% of consumers in Austria and 76% in Finland. These differences make a national result a poor substitute for a regional or global average.
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Among consumers who preferred cashless shop payments, debit and credit cards were the preferred cashless instrument in every country, chosen by at least 68% of that group. Mobile payments were the next most popular non-cash preference. They were preferred by 29% of cashless-preferring respondents in the Netherlands, compared with 10% in France and Belgium.
Which methods were used for online and cross-border shopping?
In the euro area, cards were used for 48% of online payment transactions, while e-payment solutions accounted for 29%. The ECB’s e-payment category includes wallets and mobile apps and, in the Netherlands, iDEAL. E-payment solutions were the most frequent online method in the Netherlands, at 76%; they also had substantial shares in Germany (46%) and Portugal (33%). Cards led in the other euro-area countries described in the report.
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A separate Airwallex survey focused on purchases from international merchants. In its covered markets—Australia, China, Hong Kong, Singapore, the UK and the US—respondents most often reported using credit cards, followed by global digital wallets. The survey also found a strong preference for having a familiar payment option available: 77% said they would likely abandon an international merchant’s cart if their preferred method was missing. This is a result for Airwallex’s surveyed group, not a measure of all shoppers worldwide.
Wallets and local payment services vary by market
Digital wallets do not form one uniform category. McKinsey’s 2024 analysis describes device-maker wallets as the most common in-store digital-wallet category in the United States and surveyed European markets, while technology-company wallets such as PayPal and Amazon are common online and in apps. Local services can lead in particular countries and channels. Its reported U.S. in-store adoption increase compares survey findings from 2019 and 2024; it should not be read as the share of all transactions paid by wallet.
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Boku’s announcement of its 2024 Global Ecommerce Report, produced with Juniper Research, says the report surveyed 10,500 consumers and analyzed 37 markets. It highlights account-to-account services such as Brazil’s PIX, India’s UPI and the Netherlands’ iDEAL as fast-growing ecommerce methods. That description signals the importance of local systems, but does not establish a single global 2024 preference ranking or a comparable transaction share for each service. Figures in the report about 2028 are forecasts, not observed 2024 results.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is cash still important?
Yes. Transaction trends show cash losing share over time in the euro area, but they do not show it becoming irrelevant. Cash’s share of point-of-sale transactions fell from 79% in 2016 to 72% in 2019, 59% in 2022 and 52% in 2024, according to SPACE. In the 2024 study, 62% of euro-area consumers considered it important or very important to retain cash as a payment option. Almost one in ten respondents said they needed assistance with digital payments.
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U.S. diary data also show variation among consumers. In the Federal Reserve Financial Services’ figures for 2023, people aged 55 and older used cash for 22% of their payments, compared with 12% among people under 55. Averages can therefore obscure differences in age and individual circumstances, as well as the practical reasons someone may need a non-digital option.
How to compare payment-preference claims
When a survey or headline says one method is “most popular,” check what it actually counted before applying the claim to your own country or spending. In particular, look for:
- Channel: in-person purchases, online checkout, P2P transfers and recurring bills can have different leaders.
- Measure: stated preference, transaction count, transaction value and reported adoption answer different questions.
- Geography: a result for the euro area, the United States or a set of six ecommerce markets is not automatically global.
- Category definition: a physical card, a card stored in a device wallet, a local wallet, a bank transfer and cash may be counted separately—or grouped together.
- Data year: a report’s publication date may differ from the year its diary or survey describes.
The Kantar public overview describes more than 10,000 online respondents across ten markets but does not provide detailed results on that page. Its overview alone therefore cannot substantiate a ranking or percentage. More generally, survey and diary findings should be treated as evidence about their stated samples and methods, not as a universal league table.
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