Today, the Federal Reserve released additional data from the 2016 Federal Reserve Payments Study that was published in December 2016. The information contained in the release surrounds a variety of payment types including check, card and ACH. Discover more about these changes by reviewing a few of the fast facts from the report:
- Consumers wrote roughly two-thirds fewer checks per household in 2015 than in 2000 while total non-cash payments per household expanded nearly 75 percent
- In 2015, businesses wrote only 24 checks per month, on average, compared with 93 per month in 2000. Additionally, check usage decline since 2000 was steeper for businesses than for consumers
- In 2015, non-prepaid debit cards was the most popular payment type among consumers
- In 2015, ACH credit transfers were the most popular payment type used by businesses
Learn more by reading the press release in its entirety.