The popularity of card payments has risen tremendously in the US over the last 10 years as a result it now accounts for more than two thirds of all non-cash payments, according figures released by Federal Reserve.
Titled "How We Pay", the report highlights that 122.8 billion non-cash payments were made during 2012, an increase of 4.4% compared to 2009.
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The value of these payments increased from $72.2 trillion to $79 trillion.
The study found that cards significantly increased their share of total noncash payments, from 43% in 2003 to 67% in 2012.
By 2012, the number of debit card payments had reached 47 billion — much higher than the 26.2 billion credit card payments in 2004.
Compared to credit, debit, ACH, and check, prepaid card payments (including both general purpose and private label) increased at the fastest rate from 2009 to 2012 (15.8% annually), reaching a total of 9.2 billion transactions in 2012.
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By GlobalDataFurthermore, the study points out that the use of ACH has also increase, representing for 18% of non-cash payments in 2012, up from 11% in 2003.
In contrast, cheque usage has decreased, declining from 46% in 2003 to just 15% in 2012. Remote deposit capture has seen modest growth, with 17% of cheques deposited as an image in 2012, compared to 13% during 2010.
