The popularity of card payments in the has soared over the past decade and are now 67% percent of all payments, beating out the archaic check, according to new figures provided by the Federal Reserve.
The numbers point out a total of 122.8 billion non-cash transactions resulting in a then record $79 trillion in transactions. 2012 all in all rose by 4.4% since 2009 from $72.2 trillion. Also in 2012, payments card usage rose from 43% in 2003 to 67%.
Looking closer, the Federal Reserve found debit cards to be the preferred method of payment, being responsible for a total of 38% of all payments made in 2012, a result of 47 billion transactions. Credit cards fared less with a market share of 21%.
ACH usage also grew in the last 10 years, while not as drastically with a 18% market share in 2012, a 7% increase since 2013.
Old fashioned banking checks saw a dramatic decline with a drop from 46% in 2003 down to only 15% in 2012. Remote deposit captures on the other hand saw slight growth with 17% of checks being processed as a digital image in 2012, rather than 13% in 2010.
ACY Securities Supports ASIC’s Product Intervention OrderGo to article >>
All in all, checks made up the remaining 33% of payments placed in 2012, transacting a total of $26 trillion.
We are currently witnessing a insurgence of Ecommerce check replacement services, most notably in the home rental space with firms like RentMoola.
Image courtesy of Flicker