WASHINGTON — Consumers are increasingly making payments in the U.S. electronically, a Federal Reserve study shows.
The Fed released on Wednesday its findings of a study on non-cash payments over 2006 to 2009.
Non-cash payments include checks, automatic clearing house transactions, and a variety of cards.
The report said the number of electronic payments grew by 9.3% since the last study, which had been conducted in 2007. The increase was attributed to technological and financial innovations.
"The results of the study clearly underscore this nation's efforts to move toward a more efficient electronic clearing system for all types of retail payments," said Richard Oliver, executive vice president of the Fed's Atlanta bank, which sponsored the study.