The Federal Reserve today released their latest payments study supplement which points to an increase in the use of credit cards in 2016 from 2015. Here are the fast facts:
- The number of credit card payments grew 10.2 percent in 2016, a marked increase from the 8.1 percent growth experienced from 2012 to 2015
- Remote general purpose credit card use increased 16.6 percent in 2016
- Remote payments in 2016 represented 22.2 percent of all general-purpose credit and prepaid debit card payments, up 1.5 percentage points from an estimated 20.7 percent in 2015.
Other notable findings from the study include:
- Total U.S. card payments reached 111.1 billion in 2016, reflecting 7.4 percent growth since 2015
- From 2012 to 2015, ACH network transfers, representing payments over the ACH network, grew at annual rates of 4.9 percent by number and 4.1 percent by value
- By 2016, 19.1 percent of all in-person general-purpose card payments were made by chip (26.9 percent by value), compared with only 2.0 percent (3.4 percent by value) in 2015