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Home » Publications » Academic journals » Economics journals » EconSouth » January 2014 »
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    MLA

    "How We Pay: Results from the Federal Reserve's Latest Payments Study." EconSouth. Federal Reserve Bank of Atlanta. 2014. HighBeam Research. 26 Apr. 2018 <https://www.highbeam.com>.

    Chicago

    "How We Pay: Results from the Federal Reserve's Latest Payments Study." EconSouth. 2014. HighBeam Research. (April 26, 2018). https://www.highbeam.com/doc/1G1-371510178.html

    APA

    "How We Pay: Results from the Federal Reserve's Latest Payments Study." EconSouth. Federal Reserve Bank of Atlanta. 2014. Retrieved April 26, 2018 from HighBeam Research: https://www.highbeam.com/doc/1G1-371510178.html

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

EconSouth
EconSouth

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January 1, 2014 | Copyright
Copyright Federal Reserve Bank of Atlanta. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights or concerns about this content should be directed to Customer Service.
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Many factors influence trends in noncash payments, including technological and financial innovations, changes in consumer and business financial behavior, the business cycle, regulatory developments, and population growth. The Federal Reserve's previous payments studies--the first was conducted in 2000--revealed a number of notable trends, such as the rise in the use of debit and prepaid cards and the decline in the use of checks. The Fed recently completed its fifth triennial payments study, which showed continued changes in how businesses and consumers make payments (see chart 1 on page 22).

Chart 1 Distribution of Noncash Payments in 2012

Debit          38%
Checks (paid)  15%
Credit care    21%
Debit card     38%

Share of payments

Debit card       2%
Credit card      3%
Prepaid card     0%
Checks (paid)   33%
ACH             38%

Value of payments

Source: 2013 Federal Reserve payments study

Note: Table made from pie chart.

[ILLUSTRATION OMITTED]

[ILLUSTRATION OMITTED]

Taking a snapshot from three angles

The Federal Reserve Payments Study consisted of three research efforts designed to capture the current volume and composition of noncash payments in the United States:

* The Depository and Financial Institutions Payments Survey collected the number and value of noncash payments, cash withdrawals, and deposits that posted to customer accounts, and unauthorized transactions (most likely related to third-party fraud) that took place during March 2013. A total of 1,182 depository institutions provided data for the survey.

* The Networks, Processors, and Issuers Payments Surveys estimated the number and value of electronic payments in the United States for 2012. …


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