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09 December 2004  |  17622 views  |  0 Source: Federal Reserve payments study cash on fire

In 2003, electronic payments exceeded paper cheques for the first time in the US.

According to the Federal Reserve 2004 payments study, the majority of noncash payments made in the US are now initiated electronically, using one of the three major electronic payment types: debit cards, credit cards, or ACH.

Credit cards endure as the most popular electronic payment method, with 19 billion transactions in 2003, at a total value of $1.7 trillion, while 15.6 billion debit card transactions were made in 2003, to the value of $600 billion.

If current growth rates are sustained, credit cards and debit cards will each exceed the number of paid cheques before the end of the decade. Such rapid change presents new opportunities for innovation in the payment system and for technology vendors.» Download the document now 600.7 kb (Adobe Acrobat Document)

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