But when it comes to payments, the US has been lagging compared to its peers in Europe, Africa and Asia. Whether it’s contactless payments, UPI, open banking, PayNow or NITMX, nations across the world are racing ahead when it comes to innovation in digital payments.
In the US, cash and paper cheques are still relatively common ways to pay. According to Pew Research Center, as of late 2022, 59% of Americans still pay for at least some of their weekly purchases with cash while cheques are still used for 60% of retail payments, according to the Federal Reserve Bank of San Francisco.
