Federal Reserve Releases Tri-Annual Payments Study

Navigator Edition: February 2014
By: Collin Bauer

The Federal Reserve released its tri-annual study of noncash payments in December 2013. The study reinforces the steady growth of electronic-based transactions and the increasing popularity of non-credit products in the U.S. market as cash and checks are displaced. The product that experienced the largest percentage growth in transactions over the last three years was general-purpose prepaid, averaging ~33% growth from 2009-2012. Over the same period the number of credit transactions rebounded after experiencing a decline from 2006-2009. Debit payments remained strong, experiencing an increase over the last three years of almost 10 billion transactions, accounting for nearly two-thirds of all non-cash payment growth over the same period. While the credit card market is relatively mature, we expect electronic payments to experience elevated growth as cash and check usage continues to erode.

Figure 1: Number and Growth of Noncash Transactions


The number of general purpose prepaid card transactions in 2003 was negligible.
Note: Chart reorganized and recreated by First Annapolis Consulting.
Source: 2013 Federal Reserve Payments Study

For more information, please contact Collin Bauer, Senior Analyst, specializing in Credit Card Issuing,

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