BACK

Rewards

Americans’ choice in noncash payment has become debit cards

Summary

Americans are increasingly opting for electronic payments and debit cards, a study by the Federal Reserve System shows

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

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.

 

See related:Prepaid debit cards: With all the scams, are they worth it?, More infographics

To use the graphic on your site, use the following code:

 <center><a href=”https://www.creditcards.com/credit-card-news/federal_reserve-poll-americans-choice-noncash-payment-debit_cards-1701/”><img alt=”Americans’ choice in noncash payment has become debit cards” border=”0″ src=”https://www.creditcards.com/credit-card-news/images/noncash-payments-infographic.jpg” /></a> </center>

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

What’s up next?

In Rewards

Rankings for frequent flier programs: 2 surveys, similar results

Ratings are beginning to take into consideration one of the most important factors to many fliers: reward seat availability. As airline program models shift, so will availability

See more stories
Credit Card Rate Report Updated: September 16th, 2020
Business
13.91%
Airline
15.48%
Cash Back
15.94%
Reward
15.78%
Student
16.12%

Questions or comments?

Contact us

Editorial corrections policies

Learn more

Join the Discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company’s business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.