Answer: Credit Card with 38% of transactions

Payment types at point of sale (POS) in the United States in 2020

 Questions:

• What are some of the factors you personally think about before deciding how to pay for something?
• What would be examples of electronic payments? Are any of you using your checking account to make online payments?
• How do you think the usage of mobile payments has changed since last year? Why?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Statista):

"Credit card was the most used payment method in the United States in 2020, with 38 percent of point of sale payments being made by credit card. Using a debit card was the second most common payment method, followed by cash.

While digital methods, such as digital or mobile wallets, have become more common, the number of credit cards does not seem to be declining significantly. This is in part due to the fact that these wallets use a credit or debit card to facilitate the transactions. As such, these payment methods are likely to remain common, at least in this capacity. The purely digital options, known as cryptocurrencies, are currently constrained by such factors as lack of governmental supervision or lengthy transaction times, keeping them from becoming more popular."

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For an engaging activity to continue talking about payment options, check out PLAY: Payment Decisions

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Want to access more Checking-focused activities and resources? Check out the Checking unit page.

About the Author

Mason Butts

After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.

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