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Journal Article
Trends in the use of payment instruments in the United States
In 2003, for the first time, the number of electronic payments in the United States exceeded the number of check payments--a result of substantial growth in electronic payments (especially by debit card) and a decline in check payments. The shift toward electronic payments suggests that, as with other large economies, many payments formerly made by check are now being made with electronic payment instruments. As in past years, however, the value of checks far exceeded the value of commonly used electronic payments. ; Comparisons among groups of depository institutions of different types and ...
Journal Article
The check is dead! Long live the check! A Check 21 update
Check 21 legislation has enabled the check clearing system to transform from paper to electronics, and much more rapidly than some had predicted. As a result of competition with other payment methods, check use has been declining since the mid-1990s, but because of the rapid adoption of electronic payment methods, checks are evolving and are unlikely to disappear anytime soon. Checks are still a convenient way to initiate some payments, and electronic processing has only made them more competitive with all types of electronic payments.
Journal Article
Recent payment trends in the United States
Journal Article
The use of checks and other noncash payment instruments in the United States
Statistical estimates indicate that the use of checks in the United States has been declining since the mid-1990s, even as the population and the level of economic activity have been increasing. In contrast, the use of electronic payments has been growing at high and accelerating rates. Nonetheless, the paper check remains the predominant means of making retail payments and will likely continue to play a significant role in the U.S. payment system for the foreseeable future. The number and value of checks paid varies across depository institutions according to type, size, and location, in ...
Report
The Federal Reserve Payments Study: 2018 Annual Supplement
This Federal Reserve Payments Study (FRPS) brief updates data on core noncash payment types and systems that support everyday payments by U.S. consumers and businesses.1 The data show faster growth in electronic payments from 2016 to 2017 compared with previous years. Remote payments continued to grow as a share of general-purpose card payments, and the value of in-person chip-authenticated general-purpose card payments exceeded the value of those without chip-authentication for the first time. Meanwhile, partial data from large banks indicate the number of check payments and cash withdrawals ...
Report
The 2013 Federal Reserve Payments Study Recent and Long-Term Trends in the United States: 2000–2012 Detailed Report and Updated Data Release
This detailed report is a complement to the “Summary Report and Initial Data Release” (Summary Report), which was released in December 2013 and has been updated for consistency with revisions made during preparation of this report.1 This report includes new information related to noncash payments based on additional estimates and analysis. For instance, this detailed report provides new insights into the use of cards by consumers and businesses, alternative payment initiation methods, consumer and business domestic and cross-border wire transfers, and an expanded view of cash deposits and ...