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Thursday
Dec092010

Electronic Payments on the Rise

Photo Courtesy - Getty Images(WASHINGTON) -- At least 75 percent of all non-cash payments in the United States are now made electronically, says a new report by the Federal Reserve.

With the exception of credit cards, all types of electronic payments increased from 2006-2009, according to the nation’s central banks.

Meanwhile, the paper check -- once the gold standard of non-cash payments -- has slid to under 25 percent of transactions.  The Fed also reports that debit cards have now replaced credit cards as the most-used non-cash instrument.

Copyright 2010 ABC News Radio

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