E-payments surpass checks.
Electronic payment transactions totaled 44.5 billion in 2003, outpacing the 36.7 billion check payments. In comparison, in 2000 the number of checks paid was 41.9 billion and electronic payments totaled 30.6 billion (electronic payments include credit cards, debit cards and automated clearinghouse (ACH) transactions such as direct debit).
"The balance has shifted from check writing to electronic payments, and we expect this trend to continue," said Richard Oliver, senior vice president of the Federal Reserve Bank of Atlanta. "Indeed, at current growth rates, credit cards and debit cards will both surpass checks in terms of total annual transactions in 2007."
The study found that the 36.7 billion check payments had a total value of $39.3 trillion. The 44.5 billion in electronic payments amounted to $27.4 trillion. Debit card transactions are the fastest growing type of electronic payment, with an estimated annual growth rate of 23.5%.
The report, "The 2004 Federal Reserve Payments Study," consists of two separate surveys, the "Depository Institutions Payments Study" and the "Electronic Payment Instruments Study" [www.federalreserve.gov].
Number of Electronic Payments 2000 30.6 billion 2000 44.5 billion Note: Table made from bar graph.
Compiled by Shary Denes, NTCA editorial manager
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|Title Annotation:||Electronic payment and check payments transactions|
|Article Type:||Brief Article|
|Date:||Mar 1, 2005|
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