Federal Reserve shows significant rise in card usage as opposed to checks over the past 10 years.

The popularity of card payments in the has soared over the past decade and are now 67% percent of all payments, beating out the archaic check, according to new figures provided by the Federal Reserve.

The numbers point out a total of 122.8 billion non-cash transactions resulting in a then record $79 trillion in transactions. 2012 all in all rose by 4.4% since 2009 from $72.2 trillion. Also in 2012, payments card usage rose from 43% in 2003 to 67%.

Looking closer, the Federal Reserve found debit cards to be the preferred method of payment, being responsible for a total of 38% of all payments made in 2012, a result of 47 billion transactions. Credit cards fared less with a market share of 21%.

ACH usage also grew in the last 10 years, while not as drastically with a 18% market share in 2012, a 7% increase since 2013.

Old fashioned banking checks saw a dramatic decline with a drop from 46% in 2003 down to only 15% in 2012.  Remote deposit captures on the other hand saw slight growth with 17% of checks being processed as a digital image in 2012, rather than 13% in 2010.

All in all, checks made up the remaining 33% of payments placed in 2012, transacting a total of $26 trillion.

We are currently witnessing a insurgence of Ecommerce check replacement services, most notably in the home rental space with firms like .

 

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