Printer Friendly

Two-thirds of noncash payments now electronic.

The Federal Reserve's 2007 study of noncash payments disclosed that in 2006 more than two-thirds of all U.S. noncash payments were made electronically.

From 2003 to 2006, the period covered by the study, all types of electronic payments grew while check payments decreased. The Fed's 2004 Payments Study found the number of electronic payments and check payments were roughly equal in 2003.

About 19 billion more electronic payments were made in 2006 than in 2003. In contrast, the number of checks paid fell by about 7 billion over the same period. Of the 93 billion noncash payments in 2006, about 63 billion were electronic and around 30 billion were checks.

Among the three main types of electronic payments, the annual use of debit cards increased by about 10 billion payments over the survey period to 25.3 billion payments in 2006. Debit cards now surpass credit cards as the most frequently used electronic payment type.

Over the same period, automated clearinghouse (ACH) payments grew to 14.6 billion, an increase of almost 6 billion payments. Credit cards grew by almost 3 billion payments to 21.7 billion in 2006.
COPYRIGHT 2007 Journal Publishing, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:BANKING & FINANCE
Comment:Two-thirds of noncash payments now electronic.(BANKING & FINANCE)
Author:Henry, John
Publication:Arkansas Business
Article Type:Brief article
Geographic Code:1U7AR
Date:Dec 17, 2007
Words:190
Previous Article:Little Rock just eighth site for new AT&T experience.
Next Article:Resource Design wins four Davey Awards.
Topics:


Related Articles
Priced services, 1988 and 1989.
Banking Relationships of Lower-Income Families and the Governmental Trend toward Electronic Payment.
Electronic Payments in the U.S. Economy: An Overview.
The use of checks and other noncash payment instruments in the United States.
Electronic payments exceed check payments for the first time.
Federal Reserve studies confirm electronic payments exceed check payments.
Trends in the use of payment instruments in the United States.
Hold the paper! Strategies for automating vendor payments.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters