A Federal Reserve payments study revealed that more than 144 billion U.S. noncash payments were made in 2015. The figure represents an annual increase of 5.3% from 2012.
The total value for the noncash transactions was around $178 trillion, a 3.4% yearly increase from 2012.
The study noted that, among the modes of noncash payment, debit card payments with prepaid and non-prepaid cards had the largest increase in number, with the most growth happening in non-prepaid debit card transactions. In 2015, debit card payments increased to 69.5 billion, a 7.1% increase, totaling around $2.56 trillion, a 6.8% increase.
Credit card payments also experienced a significant increase, reaching 33.8 billion in 2015, an 8.0% jump, with a value of around $3.16 trillion, up 7.4%. Automated Clearing House payments grew 4.9% to 23.5 billion transactions in 2015, as their value grew 4.0% to $145.30 trillion from 2012.
Payments made with checks were lower in 2015 compared to 2012, with only 17.3 billion transactions, a 4.4% decrease.
The study also found that the use of general-purpose cards with microchips has increased by 230% per year since 2012.