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08/12/2010 -
The Federal Reserve recently released its "2010 Federal Reserve Payments Study," detailing the current state of noncash payments.Payment processing of more than three-quarters of noncash payments occurred over electronic platforms in 2009, a 9.3 percent increase over 2007. The most recent study examined results from 2006 to 2009 and found that the number of noncash payments in the U.S. increased 4.6 percent, while the number of checks dropped by 7.2 percent during this period as well.
Debit card use increased by more than 12.8 billion payments annually at a yearly growth rate of 14.8 percent, marking the most significant expansion by any payment type. Now debit cards are used more frequently than any other noncash payment.
"The results of the study clearly underscore this nation's efforts to move toward a more efficient electronic clearing system for all types of retail payments," noted Richard Oliver, executive vice president of the Federal Reserve Bank of Atlanta, which sponsored the study. "It is also likely that the results reflect changing consumer behavior during difficult economic times."
