The first comprehensive study of the US retail payments system in more than 20 years reveals that consumers are increasingly migrating from paper-based to electronic payment instruments.
According to the new data, cheques have declined from approximately 85 per cent of non-cash payments since the last study in 1979 to about 60 per cent today. Since 1979, the total number of non-cash retail payments has doubled from approximately 37 billion to 80 billion. Approximately 30 billion of these payments are now conducted using electronic means.
The data collection effort was commissioned by the Federal Reserve Banks. Approximately 1300 financial institutions, including banks, thrifts and credit unions, and 89 electronic payment processors responded to three surveys that looked at methods and volumes of retail payments.
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