From corner stores in Flatbush to tech spaces in DUMBO, how people pay is being redefined. Generational habits, mobile tools, and the city’s focus on innovation are all playing a role in what money looks like in one of New York’s most active boroughs.
Cash continues to serve as a backup, even as its use in daily transactions declines. National data shows that 16% of payments in 2023 were made with cash, though for purchases under $10, that figure rises to almost 50%. Many Brooklyn residents still carry some cash for quick purchases or locations that prefer physical currency.
We also see the need for cash in Brooklyn’s unbanked and underbanked populations. This includes a significant portion of immigrant communities and neighborhoods with limited banking infrastructure. Approximately 9% of Brooklyn households are unbanked, slightly above the city average, and many more are underbanked, relying on alternative financial services like check cashers and prepaid cards.
For these residents, cash is often the only accessible and trusted medium for everyday transactions. However, digital payment tools and financial technologies are starting to gain visibility, especially for those wanting more flexible financial options.
As interest grows, some are beginning with educational resources or curated guides, including breakdowns of what crypto to buy to better understand how the space functions. Crypto analyst Alan Draper says Bitcoin is still the top pick for many buyers because it’s widely used, legally recognized, backed by major institutions, and known for its strong security.
Transactions can also be faster and carry lower fees than international bank transfers, especially for peer-to-peer exchanges. Some investors turn to cryptocurrency to broaden their investment mix, especially when markets are unstable or prices are rising.
While cryptocurrency adoption is increasing, traditional payment methods still dominate day-to-day transactions. Cards remain the most used payment method. Together, credit and debit cards accounted for over 60% of transactions nationwide last year.
Card readers are standard in nearly every store in Brooklyn, and contactless payments through mobile wallets like Apple Pay and Google Wallet are widely accepted. These systems offer speed and ease, though they may also lead to increased spending due to the simplicity of use.
While card payments are still the most common, concerns about fraud and data privacy remain. Many residents are cautious about risks like identity theft and unauthorized charges, which has led to a growing preference for contactless and mobile wallet options.
Alongside these methods, cryptocurrency is building a presence. Brooklyn is one of the busiest areas in the U.S. for digital currency use, with many Bitcoin ATMs and an increasing number of businesses accepting crypto payments. Local groups are offering educational programs to help residents understand how digital currencies work. Stablecoins, which are tied to the US dollar, are helping reduce the risks typically linked to crypto payments.
Brooklyn’s up-and-coming tech and arts scenes have become the perfect growing ground for crypto enthusiasts. With frequent events, meetups, and startups all pitching their crypto-thinking forward ideas. This goes beyond business as well. Community groups regularly host workshops and networking events to educate residents about blockchain and cryptocurrency use.
Several local cafés, art galleries, and boutiques in neighborhoods like Williamsburg and DUMBO accept Bitcoin and Ethereum. This is starting to reflect how Brooklyn has become an early adopter of crypto payments. These venues often collaborate with startups and fintech incubators in hopes that they will lead to bringing more crypto into the area's cultural and commercial fabric.
Despite interest, crypto remains a limited choice in daily transactions. According to Wise, credit cards make up over 40% of in-store purchases in the U.S., with debit cards close behind at around 30%. That pattern holds in New York City, where card payments are widely accepted and commonly used. Factors such as price changes, added fees, and licensing rules in New York have slowed broader crypto use. Still, Brooklyn’s tech sector and entrepreneurial network are helping build the support needed for future use.
So what does the future look like for the neighborhood that’s fast becoming a hub for tech and digital finance? Well, we already know that cards provide rewards and are accepted widely. Cash gives users more privacy and control. Crypto introduces new ways to store value and make international payments. Experts predict that Brooklyn residents will continue to use a combination, selecting the right method for each situation.
