The U.S. Retail Payments System in Transition: Federal Reserve Initiatives
The Payments System Research Department of the Federal Reserve Bank of Kansas City has published an article by Barbara Pacheco, senior vice president of financial services, titled "The U.S. Retail Payments System in Transition: Federal Reserve Initiatives" (PDF). In the article, she writes that "the big story is the adoption of the debit card for everyday purchases, with transaction volume increasing 25 percent per year. Embraced by consumers who want the convenience of a card with the discipline of the tie to a checking account, the number of debit card transactions surpassed those made by credit card in 2003."
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