Check This Out

Checks are the dinosaurs of the payment industry, right? Reinforcement of that view came in early December when the Federal Reserve released its "2004 Federal Reserve Payments Study," which estimates that in 2003, electronic payments of all types exceeded check payments for the first time:...

Full description

Saved in:
Bibliographic Details
Published in:Credit Card Management 2005-01, Vol.17 (11), p.4
Main Author: Daly, James J
Format: Article
Language:English
Subjects:
Check processing
Trends
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Checks are the dinosaurs of the payment industry, right? Reinforcement of that view came in early December when the Federal Reserve released its "2004 Federal Reserve Payments Study," which estimates that in 2003, electronic payments of all types exceeded check payments for the first time: 36.7 billion check transactions vs. 44.5 billion electronic payments. The Fed estimates check volume declined at a 4-.3% annual rate from 2000 to 2003 while electronic payments grew 13.2% annually. So the author was surprised to see a press release proclaiming the Fed's study reflected the "resilience and strength" of checks. While not contesting the general accuracy of the Fed's estimates, Check Payment Systems Association Executive Director Wade Delk noted that adding up all the various forms of electronic payment overshadows the fact that no one form yet comes close to checks.
ISSN:0896-9329