|
|
Article: Results of study on retail payment systems. (Announcements).(Brief Article)
- Article from:
- Federal Reserve Bulletin
- Article date:
- January 1, 2002
CopyrightCOPYRIGHT 2002 Board of Governors of the Federal Reserve System. 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)
|
New data collected by the Federal Reserve System, released on November 14, 2001, suggest that check writing in the United States is steadily giving way to electronic forms of payment as consumers, businesses, and financial institutions seek to be more efficient and cost-effective.
American consumers and businesses make 80 billion retail payments annually, nearly 50 billion by check and 30 billion by electronic instruments, such as credit cards, debit cards, and the automated clearinghouse (ACH), according to the first comprehensive studies of the retail payment system by the Federal Reserve System in more than twenty years. Checks have declined from approximately ...