Card payments including credit and debit currently represents more than two-thirds of all noncash payments, while the number of checks paid continued to decline, according to a 2013 Federal Reserve Payments Study.
According to the research report, the total number of noncash payments, excluding wire transfers, was 122.8 billion, achieving a growth rate of 4.4% per annum from 2009 to 2012, while the total value of noncash payments grew from $72.2trn in 2009 to just under $79trn in 2012.
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The 2013 study highlights that the number of credit card payments rose by 7.6% annually, from 2009 to 2012, while debit card payments increased at a rate of 7.7% over that same period.
Furthermore, automated clearing house (ACH) growth witnessed 5.1% annual decline from 2009 to 2012, which was down from the average annual growth of 10.9% over the previous 10 years.
The report found that the number of checks paid has also been facing decline, falling to 18.3 billion, which is less than half the number of 37.3 billion a decade ago.
Checks are increasingly being deposited as images, with 17% being deposited as an image at the bank of first deposit compared to 13% as reported in the 2010 study.
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