Federal Reserve Study Shows That More Than Two Thirds of Payments Are Now Electronic
Minneapolis, Minn., December 10, 2007–The Federal Reserve’s 2007 study of noncash payments released today revealed 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 Federal Reserve’s 2004 Payments Study found that 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. […]
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