Americans' choice in noncash payment has become debit cards
By Juan Rodriguez and Laura Mohammad | Published: August 4, 2014
Americans have changed how they pay for goods and services in a dramatic way in recent years. They are increasingly opting for electronic payments and debit cards, a study by the Federal Reserve System shows.
"The 2013 Federal Reserve Payments Study" tracks how Americans made noncash payments from 2000-2012. In 2000, debit cards were used for 8.3 billion payments compared to 12.3 billion payments with credit cards. Twelve years later, debit would dominate, with 47 billion payments in 2012, compared to 23.8 billion for credit cards.
Meanwhile, the number of checks signed has dropped dramatically, from 41.9 billion in 2000, clearly the leader in noncash payments at the time, to just 18.3 billion in 2012. ACH payments, or electronic payments, made up 6.1 billion payments in 2000, and surpassed checks in 2012 with 21.7 billion payments.
A sample of 1,182 financial institutions participated in the Fed's study, with a margin of error of less than plus or minus 5 percent. Surveys were collected between January and May 2013 by mail, fax, email and online. Results were released July 24, 2014.
To use the graphic on your site, use the following code:
- Infographic: How many households have at least one card? – Your annual income and education level may indicate the chances of whether or not your household has a credit card ...
- Infographic: In divorce, women's credit suffers more – More than half of recently divorced women said their credit score tanked during marriage, compared to just 42 percent for men ...
- Gen Z getting a head start using credit cards – Almost a fifth of teens 13-17 are authorized users on an adult's card, a TransUnion study finds ...