Central Banking

Two-thirds of US non-cash payments by card, but cheques persist

A woman making a credit card payment

US card payments grew at an annual rate of nearly 8% between 2009 and 2012 and now account for more than two-thirds of non-cash transactions in the country, the Federal Reserve said yesterday. Meanwhile, payments by cheques continue to decline – falling to less than half the number a decade ago – with interbank processing and clearing of cheques now "virtually all" electronic.

According to the 2013 Federal Reserve Payments Study, a triennial report on non-cash payment trends in the US put out by

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