Payments News from Glenbrook Partners
Glenbrook   Book   Education   Views   Archives   Store   Advertise   About         SUBSCRIBE:

How We Pay: Results from the Federal Reserve's Latest Payments Study

Atlanta fed logo 140x60pxIn an article in the Federal Reserve Bank of Atlanta's EconSouth, managing editor Tom Heintjes highlights the preliminary results of the 2013 Federal Reserve Payment Study.

Since 2003, when Congress passed the Check Clearing for the 21st Century Act (commonly known as Check 21), the U.S. payments system has shifted dramatically. For instance, paper checks, which once comprised nearly half of noncash payments, accounted for only 15 percent in 2012. Checks are down, but not out, however. Although they made up a smaller share of the payments pie, they are declining from a dominant position, Heintjes wrote. "As check writing continued to decline, the number of checks that could be converted declined as well," he added. As a result, automated clearinghouse (ACH) transactions—many of which originate from the conversion of paper checks to ACH— decelerated, growing just 5.1 percent from 2009 to 2012, compared to 10.9 percent growth during the 2003 to 2012 period.

Meanwhile, payment cards continued to grow, accounting for two-thirds of consumer and business noncash payments in 2012. With annual growth of 15.8 percent, prepaid card payments grew the fastest of all noncash payments.

To learn more about key trends in the U.S. payments system, be sure to read the full article in the first 2014 issue of EconSouth.

Add your comment... (note that all comments are reviewed before they're published)

Feed You can follow this conversation by subscribing to the comment feed for this post.

If you have a TypeKey or TypePad account, please Sign In

Glenbrook Partners

PAYMENTS NEWS IS PRODUCED BY AND IS A SERVICE MARK OF GLENBROOK PARTNERS, LLC
ISSN 1556-4487

Glenbrook's Consulting Services

  • Innovation and Strategy
  • Payments Product Development
  • Payments Market Assessments
  • Payments Vendor Selection
  • Merchant Payments Optimization
  • Payments Risk Management
  •  
  • To discuss how Glenbrook can
    help you
    , email us:

Glenbrook's Payments Education

  • Payments Boot Camps
  • Payments Essentials Webinars
  • Private Payments Workshops
  •  
  •  
  •  
  •  
  • For more information on Glenbrook's payments education, email us:

Tools for Payments Professionals

  • Glenbrook Writings
  • Payments News
  • Payments Views
  • Payments Jobs
  • Payments Education
  • Payments Bookstore
  •  
  • To send us news that you'd like us to cover on Payments News, email us:

Contacts:                        
Compilation Copyright © 2002 - 2014 Glenbrook Partners LLC. All Rights Reserved.
Terms of Use        Privacy Policy        RSS Feed        Payments News RSS Feed

Subscribe to Payments News   

Follow Payments News on Twitter for Real-Time Updates