Here’s how much money Americans will spend with cards by 2023

Annual US Payment Cards Data released

Payment cards data

Here’s how much money Americans will spend with cards by 2023. Source: shutterstock.com

According to the Nilson Report, spending on goods and services initiated by credit, debit, and prepaid cards issued in the United States, tend to increase. $7.266 trillion in 2018 is projected to increase to reach $10.086 trillion in 2023, as reported by statistics. The number of credit, debit and prepaid cards in circulation will grow from 6.96 billion in 2018 to 8.02 billion at the end of 2023.

When nearly $7 billion payment cards generate more than $7 trillion in purchases of goods and services…you have to conclude the state of the card business is very good
 David Robertson, Publisher of The Nilson Report

The report also highlights that credit cards accounted for 54.17% of spending on all types of cards, down from 54.37% in 2017. This way, spending on credit cards is projected to account for 54.13% in 2023. Outstanding credit card debt was $1.124 trillion at the end of 2018, whereas by the end of 2023, it is expected to reach $1.435 trillion.

In 2018, the average amount of a credit card purchase transaction was $90.73, projecting to be $94.44 by 2023.

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