Kansas City, Missouri, December 22, 2016
From 2012 to 2015, credit and debit (including prepaid and non-prepaid) card payments continued to gain ground in the payments landscape, accounting for more than two–thirds of all core noncash payments in the United States, according to a Federal Reserve study of U.S. non-cash payments released today. Automated clearinghouse (ACH) payments grew modestly over the same period, and check payments declined at a slower rate than in the past.
The 2016 Federal Reserve Payments Study, which presents 2015 payments data, found that the number of domestic core noncash payments totaled an estimated 144 billion—up 5.3 percent annually from 2012. The total value of these transactions increased 3.4 percent over the same period to nearly $178 trillion.
Other key findings:
"The data collected for the 2016 study was substantially expanded," said Mary Kepler, senior vice president of the Federal Reserve Bank of Atlanta, which sponsored the study.
"This reflects an increased desire within the payments industry for additional fraud-related information," she said. "A limited amount of fraud information was ready for release today, and further results will be released in 2017 as the complete data set is more fully reviewed and analyzed."
Beginning in 2017, some survey data will be collected annually, rather than every three years, to enhance the value of the study, Kepler added.
"Payment industry participation drives the quality of the study's results,” Kepler said. “The Federal Reserve appreciates the industry's response in 2016 and looks forward to working with selected participants for the annual data collection getting underway in the first quarter of 2017."
As in previous studies, the estimates reported are based on information gathered in three survey efforts:
The Federal Reserve partnered with McKinsey & Company on the DFIPS and CSS, and with Blueflame Consulting, of Melrose, Massachusetts, on the NPIPS. The information collected in each survey is combined with information about payments trends from previous studies and then analyzed to produce comprehensive estimates not available in other studies.