Skip to content

OnBuy: Mobile Payments Gains Ground, Cash Loses in the US

Date Updated: June 24, 2021

Cash is king. That’s the familiar refrain throughout large portions of the world, including the United States Mobile payment systems—eWallets, credit and debit cards, and the like—have their place, but generally this place pales alongside the little green rectangles that make up so much of life. That may be changing, though, as a new report sent our way from says that mobile payments tools are increasingly part of life, and that digital payments are an increasing part of life for a likewise increasing number of Americans.

The current predictions, OnBuy notes, suggest that, by 2026, cash use will drop to just 21 percent of the total spending environment. What’s more, eWallet growth will continue to rise, and through that same time frame, will see a compound annual growth rate (CAGR) of just over 30 percent. OnBuy points to a combination of new mobile banking services, new options in mobile payments, and the “proliferation of smart phones” as motives driving the trend.