The Green Sheet Online Edition
March 14, 2011 • Issue 11:03:01
The rise of the debit card
In 2001, The Federal Reserve System published its first retail noncash payments study in 20 years. Since then, it has released three additional payment studies: one in 2004, covering the period 2000 through 2003; another in 2007, encompassing 2003 through 2006; and most recently, 2010, for the years 2006 through 2009.
As you can see from the following chart, a significant change in noncash payments is the ascension of debit card use, surpassing credit card use in 2006 and check payments as of 2009.
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