Federal Reserve to expand payments survey
Jan. 22, 2013 – The Federal Reserve announced last week that it is expanding its triennial survey of the payment industry to capture more information about emerging trends.
The Fed conducts the survey every three years to examine noncash payment trends in the U.S. The 2013 survey will provide additional data on electronic payment methods, cash deposit and withdrawal information and, for the first time, limited third-party fraud information. Jim McKee, senior vice president for the Retail Payments Office and the study's executive sponsor, said the aim of the expanded study is to “provide the industry with further insight on emerging trends."
The 2013 study will consist of three survey efforts commissioned to estimate the annual number, dollar value and composition of retail noncash payments in the U.S. The study will examine the number and value of payments made by check, debit card, credit card, automated clearinghouse, and prepaid cards from accounts domiciled in the U.S., as well as the number and value of ATM withdrawals.
Previous Fed payment studies have documented significant changes in the U.S. payments system, such as the shift from paper checks to electronic payments and the growth in automated clearinghouse and electronic banking transactions, as well as the increased use of credit cards, debit cards and stored value cards.
The 2013 study will be the fifth in the Fed’s series of studies on the payments industry.