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.
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| 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 |
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