Purchases of goods and services totaled $9.550 trillion in 2015, up 3.4% year-on-year (YOY). The four card-based methods of payment of credit, debit, prepaid, and electronic benefits transfer generated $5.665 trillion in purchases or 59.32% of all consumer payment systems volume.
Credit cards accounted for $2.932 billion, 30.70% of volume. Debit cards accounted for $2.420, 25.34% of volume. Card-based volume is expected to increase every year through 2020, when these methods collectively are projected to account for 69.69%.
The figures were produced by The Nilson Report which measured 11 methods of consumer payments in the U.S.
The paper-based methods of cash, checks, money orders, travelers cheques, and official checks generated $2.496 trillion or 26.14% of all consumer payment systems volume.
Paper-based market volume share fell from 28.20% in 2014, and is projected to be 16.85% by 2020.
The two electronic-based systems are remote and preauthorized payments. In 2015, these generated $1.389 trillion or 14.54% of all consumer payment systems volume.
The Nilson Report is now in its 46th year of publication. The by-subscription-only newsletter provides credit, debit, and prepaid card issuer, acquirer, and vendor statistics not found in any other trade journal, as well as concise technology, personnel, and product news and updates.
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