US: debit cards and electronic payments rising
Electronic methods of cheque clearing are rapidly replacing traditional paper methods, reports a new paper from the Federal Reserve Board.
According to the study the number of cheques presented electronically tripled from early 2006 to early 2007 and debit card payments had surpassed the number of cheques payments by March and April 2007.
The authors conclude that the rapid growth in electronic payments is supported by a very long build-up of technical infrastructure and by the spreading
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