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Fed finds continued growth in noncash payments and a fall in check payments between 2012 and 2015.The study (link here), which is conducted every 3yrs, is considered to be among the most comprehensive reports that track payments usage in the U.S.
noncash payments continued to gain ground between 2012 and 2015, rising 5.3% annually to 144 billion. The noncash payments, which include debit cards, credit cards and checks, had a value of nearly $178 trillion in 2015, up about 13% since 2012. Debit cards helped lead the way as the number of those payments rose to 69.5 billion in 2015, up 23% from 2012. The value of the debit-card payments rose by a smaller amount, however, reflecting the fact that debit transactions typically are of lesser value than those made on credit cards. The number of credit-card payments reached 33.8 billion in 2015 with a value of $3.16 trillion, representing increases of roughly 25% from 2012. The growth was led by general-purpose cards that can be used everywhere compared with private-label cards that can only be used in specific stores.
