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Charted: America’s Shift to a Cashless Society

Published

2 hours ago

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June 11, 2024 Graphics/Design:

See this visualization first on the Voronoi app.


Charted: America’s Shift to a Cashless Society

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

ℹ️ Your feedback inspired this visual! Join the conversation and suggest a topic by email at [email protected] to see your idea come to life.

A cashless society is one in which financial transactions are conducted primarily through digital means rather than physical cash, relying on technologies like credit cards and mobile payments.

While no country today has fully reached this concept, there are some (like China and South Korea) that have seen widespread adoption of mobile payment platforms and digital wallets.

To see whether the U.S. is also moving in this direction, we visualized data from the Federal Reserve’s latest Diary of Consumer Payment Choice.

Data and Methodology

This graphic shows the share of each payment method’s use for all purchases in the country.

These figures are based on the results of a nationally representative survey of U.S. consumers, which tracked purchases they made during an assigned three-day period (n= 4,453). The following table lists the data we used.

Year💵 Cash💳 Credit🏦 Debit🌐 Electronic
transfer❓ Other 201631%18%27%10%14% 201731%22%27%10%10% 201826%23%28%11%12% 201926%24%30%11%9% 202019%27%28%12%14% 202120%28%29%12%11% 202218%31%29%13%9%

The key takeaway here is that the use of cash has fallen from 31% in 2016, to just 18% in 2022.

Cash Use Fell During COVID-19 Pandemic

Cash usage in the U.S. fell during the COVID-19 pandemic due to several reasons:

Hygiene Concerns: Fear of virus transmission through physical cash led consumers and businesses to prefer contactless payment methods. Social Distancing: The shift towards online shopping and delivery services, which require digital payments, increased during lockdowns and social distancing measures. Banking Adjustments: Reduced access to ATMs and banking services during lockdowns made obtaining and using cash less convenient.

It’s interesting to note that based on the Federal Reserve’s data, cash usage was already trending downwards before the pandemic, suggesting that the pandemic merely accelerated a trend that was already happening.

Senior executive at UK payment start-up Checkout.com to leave

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Fed meeting and inflation report both hit Wednesday, and the impact could be huge

Wednesday features a one-two punch of news that starts in the morning with the pivotal consumer price index reading for May, and ends with the Fed’s policy meeting in the afternoon. Economists expect CPI to show just a 0.1% increase from April, though that still would equate to an aggregate annual rise of 3.4%. Core PCI is projected to show a 0.3% monthly gain and a 3.5% annual rate. When it comes to interest rates, the Fed will do nothing. However, officials will offer a variety of economic forecasting updates that will include the central bank’s much-watched “dot plot” of interest rate expectations. Jerome Powell, Chairman of the U.S. Federal Reserve, speaks during the conference celebrating the Centennial of the Division of Research and Statistics, Board of Governors of the Federal Reserve System in Washington D.C., United States on November 08, 2023. (Photo by Celal Gunes/Anadolu via Getty Images) Celal Gunes | Anadolu | Getty Images

Wednesday is shaping up to be one of the most important days of the year for economic news, as investors will hear about the path of inflation and the manner in which the Federal Reserve plans to react.

In a one-two punch that starts in the morning with the pivotal consumer price index reading for May and ends with the Fed’s policy meeting in the afternoon, vital signals will be sent about the direction of the economy and whether policymakers can soon take their foot off the brake.

The day “packs months of macro risk into one day,” wrote UBS economist Jonathan Pingle.

Like many others on Wall Street, Pingle expects the CPI report, combined with last Friday’s surprisingly strong nonfarm payrolls reading and other recent data releases to lead Fed officials to tinker with their outlook for inflation, economic growth and interest rates.

Optimists are hoping that the moves fall largely within the realm of expected outcomes and don’t do much to rattle the frayed nerves of market participants.

“While both typically have proven to be market-moving events, we expect very little fireworks from both releases given our expectations for rather benign outcomes,” said Jack Janasiewicz, lead portfolio strategist at Natixis Investment Managers.

In broad strokes, here are anticipated outcomes of both events.

CPI inflation

The measure of how much a broad basket of goods and services

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Which Countries Have Universal Health Coverage?

Published

43 mins ago

on

June 11, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

Which Countries Have Universal Health Coverage?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

According to the World Health Organization (WHO), Universal Health Coverage (UHC) means that everyone has access to a full range of health services—from emergency interventions to palliative care—without financial difficulty.

In this graphic, we use data from CEOWorld Magazine to visualize the countries that have UHC versus those that do not, along with how UHC coverage breaks down in terms of the global population.

The State of Universal Health Coverage in the World 

In 2024, 73 of the 195 countries worldwide had UHC, resulting in around 69% of the world’s population having some form of universal healthcare.

CountryUHC? Albania 🇦🇱Yes Algeria 🇩🇿Yes Argentina 🇦🇷Yes Australia 🇦🇺Yes Austria 🇦🇹Yes Bahamas 🇧🇸Yes Belgium 🇧🇪Yes Bhutan 🇧🇹Yes Botswana 🇧🇼Yes Brazil 🇧🇷Yes Bulgaria 🇧🇬Yes Burkina Faso 🇧🇫Yes Canada 🇨🇦Yes Chile 🇨🇱Yes China 🇨🇳Yes Colombia 🇨🇴Yes Costa Rica 🇨🇷Yes Croatia 🇭🇷Yes Cuba 🇨🇺Yes Czech Republic 🇨🇿Yes Denmark 🇩🇰Yes Egypt 🇪🇬Yes Finland 🇫🇮Yes France 🇫🇷Yes Georgia 🇬🇪Yes Germany 🇩🇪Yes Ghana 🇬🇭Yes Greece 🇬🇷Yes Hong Kong 🇭🇰Yes Iceland 🇮🇸Yes India 🇮🇳Yes Indonesia 🇮🇩Yes Ireland 🇮🇪Yes Israel 🇮🇱Yes Italy 🇮🇹Yes Japan 🇯🇵Yes Kuwait 🇰🇼Yes Liechtenstein 🇱🇮Yes Luxembourg 🇱🇺Yes Macau 🇲🇴Yes Malaysia 🇲🇾Yes Maldives 🇲🇻Yes Mauritius 🇲🇺Yes Mexico 🇲🇽Yes Morocco 🇲🇦Yes Netherlands 🇳🇱Yes New Zealand 🇳🇿Yes North Korea 🇰🇵Yes Norway 🇳🇴Yes Pakistan 🇵🇰Yes Peru 🇵🇪Yes Philippines 🇵🇭Yes Poland 🇵🇱Yes Portugal 🇵🇹Yes Romania 🇷🇴Yes Russia 🇷🇺Yes

Stocks making the biggest moves midday: Affirm, General Motors, Apple and more

Invesco shutters UK equities team as customer outflows hit wider sector

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Affirm buy now, pay later loans will be embedded into Apple Pay later this year

Apple device users will soon be able to tap into buy now, pay later loans from Affirm for purchases, the companies said Tuesday. Affirm will surface as an option for Apple Pay users on iPhones and iPads later this year. Apple also said that installment loans via credit and debit cards would be available on Apple Pay in the U.S. with Citigroup, Synchrony and Fiserv-related issuers. Chris Ratcliffe | Bloomberg | Getty Images

Apple device users will soon be able to tap into buy now, pay later loans from Affirm for purchases, the companies said Tuesday.

Affirm will surface as an option for U.S. Apple Pay users on iPhones and iPads later this year, the San Francisco-based fintech company said in a filing. Apple confirmed the news in its own update.

“This provides users with additional payment choices, and offers the ease, convenience and security of Apple Pay alongside the features users love in Affirm – flexibility, transparency and no late or hidden fees,” Affirm said in an email statement.

The move is a boost to Affirm and the buy now, pay later sector in general. When Apple introduced its own BNPL product last year, investors were concerned that the tech giant would crowd out standalone providers like Affirm. But the fact that Apple decided to also allow Affirm products in its ecosystem shows that the fintech company has something unique to offer.

For instance, while Apple’s BNPL loan lets users repay purchases in four installments over six weeks, Affirm has an array of longer-term offerings that can be repaid over a year or more. The companies didn’t provide details on the terms of the new loans.

“The bottom-line — in our view — is that Affirm’s strong brand and sophisticated underwriting technology have a moat that Apple likely could not replicate on its own,” Mizuho Securities analyst Dan Dolev said in a research note.

Citi, Synchrony

Apple also said that installment loans via credit and debit cards would be available on Apple Pay in the U.S. with Citigroup, Synchrony and Fiserv-related issuers. Traditional credit-card players have begun offering BNPL-style installment loans after their popularity surged during the Covid pandemic.

Thanks to the ubiquity of the iPhone, Apple Pay has more than 500 million users around the world and a leading market share in

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