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Article: E-payments surpass checks.(Electronic payment and check payments transactions)(Brief Article)
- Article from:
- Rural Telecommunications
- Article date:
- March 1, 2005
CopyrightCOPYRIGHT 2005 National Telephone Cooperative Association. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Electronic payment transactions in the United States have exceeded check payments for the first time, according to research by the Federal Reserve.
Electronic payment transactions totaled 44.5 billion in 2003, outpacing the 36.7 billion check payments. In comparison, in 2000 the number of checks paid was 41.9 billion and electronic payments totaled 30.6 billion (electronic payments include credit cards, debit cards and automated clearinghouse (ACH) transactions such as direct debit).
"The balance has shifted from check writing to electronic payments, and we expect this trend to continue," said Richard Oliver, senior vice president of the Federal Reserve ...