December 7, 2004 10:18 PM
Electronic Ways to Pay Eclipse Checks in Number
Excerpt: The number of payments Americans make by debit-card and other electronic transactions has, for the first time, exceeded those made by check. According to a study by the Federal Reserve, the majority of noncash payments made in the U.S. are now done electronically. Electronic payment transactions include those made with credit and debit cards.
The number of payments Americans make by debit-card and other electronic transactions has, for the first time, exceeded those made by check.
According to a study by the Federal Reserve, the majority of noncash payments made in the U.S. are now done electronically. Electronic payment transactions include those made with credit and debit cards.
The total number of electronic payment transactions reached 44.5 billion last year, the study said. Checks were still the single largest noncash payment type in 2003, however, with the total number at 36.7 billion. That compares with 30.6 billion electronic payments and 41.9 billion checks paid in 2000, the last year for which the Fed has similar data.
The increasing popularity of debit cards helped drive the growth of electronic payments. According to the study, debit-card transactions were the fastest-growing type of electronic payment, with an estimated average annual growth rate of about 24% from 2000 to 2003.
The number of checks declined at an average annual rate of 4.3% from 2000 to 2003, while electronic forms of payment grew at an average rate of 13%. The Federal Reserve expects the decline in checks to continue, predicting that the number of credit- and debit-card transactions could each exceed the number of checks by the end of the decade.
Read Full Story ...Holiday Tipping - Dec 09, 2004
Tunes Coming To Callers? - Dec 08, 2004
The Trouble With Rebates - Dec 07, 2004
Customers Tire of Excuses for Rebates That Never Arrive - Dec 07, 2004
'Phishing' Attacks Surge In 2004 - Dec 06, 2004
Bush Signs Internet Tax, Special Ed Bills - Dec 05, 2004
The Wide World Of Online Shopping - Dec 04, 2004
Shopbots: Your Own Automated Shopping Assistant On The Web - Dec 04, 2004
Traveler: Know Your Options - Dec 04, 2004
Worried Merchants Throw Discounts at Shoppers - Dec 04, 2004
Regifting 101 - Dec 02, 2004
Health Costs Up 7.5% - Dec 02, 2004
5 Popular Holiday Shopping Scams - Nov 30, 2004
Slick Tips for Holiday Shopping - Nov 28, 2004
Give Gifts That Give Back - Nov 28, 2004
Tips For Stretching Your Holiday Budget - Nov 26, 2004
Meet The Bargain Hunters: Three Everyday Experts Share Their Tips - Nov 26, 2004
Smart Holiday Shopping - Nov 25, 2004
Some Shoppers Find Fewer Happy Returns - Nov 07, 2004
