Noncash Is King: Electronic Payments Growing Faster Than Inflation and Quickly

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Noncash Is King: Electronic Payments Growing Faster Than Inflation and Quickly Diversifying

Published Date: September 2008

Published By: TowerGroup

Page Count: 12

Order Code: R301-1518

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Noncash payments continue to grow in popularity in the United States because of their convenience and broad acceptance both online and at the point of sale. Their continued growth in dollar volume at rates faster than the rate of inflation as well as their overall declining average transaction value indicates that they are being used as a replacement for cash in smaller-dollar transactions. The increasing number of electronic payment types underscores the payment industry's ability to grow and diversify as new opportunities and payment channels are created. This TowerGroup Research Note focuses on the overall noncash payment trends found in the 2007 Federal Reserve Payments Study.

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