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| Electronic payments leaving checks behind |
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The number of checks we write keeps going down and electronic payments are increasing, according to a Federal Reserve study released Monday. The study found that more than
two-thirds of noncash payments were made electronically in 2006, up from 50 percent in 2003, the last year
studied by the Fed. In 2006, the Fed counted 62.7 billion electronic payments in the United States, compared to 30.6 billion checks paid. The electronic payments had a value of $34.1 trillion, while the checks paid had a value of $41.7 trillion. The annual growth rate of electronic payment transactions was 12.4 percent from 2003 to 2006, compared to a 6.4 percent annual decline for checks. One of the biggest drivers of increasing electronic payments came from debit card transactions. The Fed has been cutting back check-processing operations in recent years as a result of the increasing use of electronic payments. The Charlotte Fed branch will shift work to Atlanta in the second quarter of 2009. A small staff will remain to print so-called "substitute checks" -- hard copies of electronically shipped checks. |
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Strategic Leadership &
Compliance Day November 5-6, 2008 Dallas, TX
2009 ETA Annual Las Vegas, NV |
| 2009 Annual Meeting |
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 2008 Annual Meeting Exhibitor Information is Here! If you're planning to join the leading companies in the payments business in the ETA Annual Meeting exhibiton hall next April, now is the time to reserve your space and make your plans. Everything you need is here . |
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