Mobile Commerce

Credit Cards Now 2/3 Of All Non-Cash Payments

According to a new report by the Federal Reserve, pay cards are American's favorite form of non-cash payment. 67 percent of all non-cash purchases were made on pay cards in 2012, up from only 43 percent in 2003. Within the pay cards family, debit cards are the dominant member, accounting for 38 percent of all non-cash payments, with credit cards picking up 21 percent and 7 precent going onto prepaid cards.

The former champion, checks, have plumtted in the last ten years as cards have been growing, representing just 15 percent of non-cash transactions in 2012, down from 43 percent in 2003.

ACH has grown during the time period, according to The Fed, but at much slower rate, accounting for 18 percent of payments in 2012, up from 11 percent in 2003.

Though cards dominate the number of transactions, the majority of value is still held by checks.  33 percent of the value of non-cash transactions - $26 trillion -  was paid with checks, while only  five per cent was on cards and 61 went to ACH.


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