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FinTech is making it easier for U.S. consumers to pay by phone, send money digitally and split some purchases into installments. But it has not made cash or cards obsolete: in 2024, cards still accounted for most U.S. consumer payments, and cash remained a regular option and a backup.
What has changed in everyday spending?
Mobile payments are now a routine part of U.S. purchasing. In the Federal Reserve Financial Services’ 2025 Diary release, based on a survey conducted in October 2024, U.S. consumers made an average of 11 payments per month by mobile phone, up from four in 2018. Among adults aged 18–24, 45% of payments were made by mobile phone. The figures describe different measures: one is an average count of monthly payments, the other a share of payments in an age group.
Digital payment growth sits alongside established methods. U.S. consumers made an average of 48 total payments per month in 2024. By number, 35% were credit-card payments, 30% were debit-card payments and 14% were cash payments; cash was the third-most-used instrument. Kathleen Young, executive vice president and chief of FedCash Services, said cash use had “remained largely consistent over the past four years” as mobile use increased. The Federal Reserve Financial Services release also reports that cash held steady at seven payments per month since 2020 and continued to serve as a backup.
Which digital payment method are you using?
“Paying with your phone” can mean several different things. A mobile wallet can store card credentials and use them to initiate a purchase; a payment app may instead hold a balance or facilitate a transfer between people. Neither label, by itself, tells you where the funds are held, how a payment is funded or what dispute process applies.
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Pay-by-Bank is a merchant payment from a customer’s bank account, not necessarily a separate consumer app. The Federal Reserve describes a typical flow as choosing a bank, authenticating with it, consenting to data access, then authorizing the amount and payee. In the API flow described in its note, bank credentials stay between the customer and the bank. A 2024 study cited in the Federal Reserve’s 2025 note found that about 11% of U.S. adults had made an open-banking payment in the preceding year, so this remains an emerging option rather than the default for most consumers. Fees can vary by provider, service, transaction and bank; pay-by-bank should not be assumed to be cheaper, safer or faster in every case. See the Fed’s July 2025 note on Pay-by-Bank.
Instant payment is another infrastructure term, not a promise that every bank app can send money instantly. FedNow is a Federal Reserve service for banks and credit unions. Participating institutions can make funds available in real time, 24 hours a day, every day of the year; a consumer may access a feature through their institution’s own app or website if it offers one. FedNow is not a digital currency and does not replace cash. Availability depends on the financial institution. The Federal Reserve’s FedNow FAQ was last updated July 17, 2024.
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How do the main options differ?
The useful distinction is not simply “old” versus “new.” Payment method, funding source, settlement speed, repayment obligation and protections can differ—even when two options appear in the same phone wallet or app.
| Option | What it does | Funding and timing | What to check |
|---|---|---|---|
| Cash | Pays a merchant in person. | Uses cash on hand; availability is immediate at handoff. | Whether the merchant accepts it and whether you need a backup for purchases or transfers. |
| Credit or debit card | Pays a merchant; a card may also be stored in a mobile wallet. | Credit uses a credit account; debit draws on a bank account. Timing of account posting is not stated in the cited sources. | Card terms, fees and the issuer’s process for disputes or unauthorized transactions. |
| Mobile wallet | Uses a phone to initiate a payment, often with stored card credentials. | Depends on the underlying card or funding source; the wallet itself does not establish a single settlement time. | Which credential is charged, which company holds any balance, and what privacy and error-resolution terms apply. |
| Payment app or person-to-person transfer | Moves money digitally or pays a participating merchant. | May use a linked account, card or app balance; timing and availability depend on the service and institutions involved. | Transfer reversibility, fees, fraud reporting, account access and whether a balance has federal deposit insurance. |
| Pay-by-Bank | Authorizes a merchant payment directly from a bank account. | Routed over ACH or instant payment rails and settled to the merchant’s bank account; timing varies by rail and provider. | Bank authentication, data consent, authorized amount and payee, fees and the provider’s error process. |
| Buy now, pay later (BNPL) | Lets a consumer make a purchase and repay in installments. | A common format is a small number of equal payments, usually four, often without interest; product terms vary. | Due dates, total cost, late or other fees, repayment source and the effect of overlapping installment schedules on your budget. |
What does BNPL mean for a household budget?
BNPL has become a meaningful part of U.S. consumer credit use, but its appeal is not only convenience. The Federal Reserve’s 2025 household report says 15% of adults used BNPL in the prior 12 months, compared with 14% in 2023 and 10% in 2021. Among prior-year BNPL users, 87% selected spreading payments as a reason for use and 82% selected convenience; respondents could choose multiple reasons. In the same report, 58% said BNPL was the only way they could afford the purchase.
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Installments remain obligations even when a common plan has no interest. Several purchases can produce overlapping due dates, making the amount already committed harder to see than the initial checkout price. Before accepting a plan, check the total amount due, every payment date, the funding account and the consequences of a missed payment. Do not assume every BNPL product is interest-free or has identical terms. The Federal Reserve’s 2025 report on household financial well-being provides the usage and reason figures.
What should you check before paying through an app?
Digital payments can make routine purchases and transfers convenient, but an app is also an account relationship with its own data practices and support process. The CFPB’s November 2024 announcement identified privacy and surveillance, fraud and errors, and account freezes or closures as concerns. It also noted that some popular app funds may not have federal deposit insurance, so a visible balance should not automatically be treated like an insured bank deposit.
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- Confirm the funding source. Check whether the transaction will draw from a bank account, card or app balance.
- Verify the recipient and amount. For transfers in particular, confirm the payee details before authorizing.
- Understand how to report an error or fraud. Find the provider’s dispute channel and note what information or timing it requires.
- Review data access. For bank-linked payment flows, understand what access you are consenting to and what data are shared.
- Keep a fallback. If an account is restricted or a phone payment is unavailable, another accepted payment method can prevent an interruption.
The CFPB’s November 21, 2024 announcement said the agency estimated the most widely used apps covered by its rule announcement handled more than 13 billion consumer payment transactions annually and described a 50-million-transaction annual threshold for covered companies. Those figures and threshold reflect the announcement’s description at that date; they are not confirmation of the rule’s present legal status. The announcement’s stated rationale was that “Digital payments have gone from novelty to necessity and our oversight must reflect this reality.” That is the agency’s explanation for oversight, not a finding that every user has the same experience. Read the CFPB announcement for its dated details.
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How to choose for a routine purchase or transfer
Choose based on the transaction you need to complete, not on the assumption that the newest method is automatically better. A quick decision process helps surface the trade-offs:
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- Identify the task. Is this a merchant purchase, a transfer to another person, or a purchase you intend to repay over time?
- Check acceptance and access. Confirm the merchant or recipient supports the method and that your bank or credit union offers any feature you expect to use.
- Trace the money. Identify whether funds come from cash, a bank account, a card or an app balance, and when they will be deducted or available.
- Calculate the commitment. Review fees, interest and all repayment dates, especially if you already have installment payments scheduled.
- Consider recovery and privacy. Know how to report an error, dispute fraud, reach the provider and limit or revoke data access where applicable.
FinTech is changing the routes money can take and the timing and information attached to a payment. The evidence points to more mobile use and a growing range of digital options, while U.S. consumers continue to rely on cards and cash. The best method is the one that fits the purchase or transfer, makes the cost and timing clear, and leaves you able to address an error.
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