Digital Wallets Can Wait: Americans Carrying More Cards Than Ever

CHICAGO—Despite the emphasis on digital wallets, credit cards aren't going away soon, a new report indicates.  In fact, a new TransUnion report found credit card usage to be at an all-time high.

Credit Cards

According to the report, Americans have more than 416 million credit cards, and almost 175 million Americans have access to at least one credit card. Those numbers reflect increases of about 77 million and about 25 million, respectively, since 2012, Business Insider reported.

It's not just large expenses such as hotels and flights that Americans are putting on plastic. A 2017 survey confirmed that more people are using credit cards for purchases under $5 — especially Millennials, Business Insider noted.

"Credit cards are slowly replacing cash, so in theory everything you pay for in the future would be with some sort of credit or debit card, or mobile wallet," Eric Brown, CEO of Aliant Payment Systems, told Business Insider. "As payment technology continues to advance, cash will eventually only be in museums for people to look at."

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Copyright Year: 2019
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