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Over the past 10 years, payment cards in the United States have skyrocketed in popularity. They currently account for more than two-thirds of all non-cash payments in the country, according to the Federal Reserve System.
As reported in the latest study of the Federal Reserve "How We Pay", in 2020, there were 122.8 billion non-cash payment transactions, which is 4.4% more than in 2015. The volume of these payments increased from $ 72.2 trillion to $ 79 trillion.
Payment cards accounted for about 67% of all non-cash payments in 2020, which is 43% more than in 2015. At the same time, debit cards were most often used - with their help 38% of payments or 47 billion transactions were made. For comparison, the share of payments made with credit cards was 21%, prepaid - 7%.
The use of electronic ACH payments has also grown, albeit more modestly, accounting for 18% of all non-cash payments in 2020, an 11% increase over 2003.
In contrast to card payments, the use of checks has dropped sharply, from 46% in 2015 to 15% in 2020.
If we talk about the amount of payments made using checks, then it amounted to 33%, or $ 26 trillion, of all payments in 2020, while cards accounted for only 5% of the volume of payments, and the ACH system - 61%.
As reported in the latest study of the Federal Reserve "How We Pay", in 2020, there were 122.8 billion non-cash payment transactions, which is 4.4% more than in 2015. The volume of these payments increased from $ 72.2 trillion to $ 79 trillion.
Payment cards accounted for about 67% of all non-cash payments in 2020, which is 43% more than in 2015. At the same time, debit cards were most often used - with their help 38% of payments or 47 billion transactions were made. For comparison, the share of payments made with credit cards was 21%, prepaid - 7%.
The use of electronic ACH payments has also grown, albeit more modestly, accounting for 18% of all non-cash payments in 2020, an 11% increase over 2003.
In contrast to card payments, the use of checks has dropped sharply, from 46% in 2015 to 15% in 2020.
If we talk about the amount of payments made using checks, then it amounted to 33%, or $ 26 trillion, of all payments in 2020, while cards accounted for only 5% of the volume of payments, and the ACH system - 61%.