The US Federal Reserve’s Retail Payments Office (RPO) plans to carry out a study into the volume and make up of electronic and cheque payments in the US.
The research will be composed of three surveys aimed to provide an estimate of the annual number, dollar value and composition of noncash payments across the country. The Federal Reserve say that this will then provide aggregate estimates and current trends in the use of payment methods by US consumers and businesses.
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The triennial study will build upon similar research conducted in 2001, 2004, 2007 and 2010, which revealed how payment methods in the US have evolved from being largely cheque based towards more electronic systems.
Jim McKee, RPO senior vice president and the study’s executive sponsor said: "The 2013 study will provide additional data on electronic payment methods, cash deposit and withdrawal information and, for the first time, limited third-party fraud information, in an effort to provide the industry with further insight on emerging trends."
The RPO will work with the Global Concepts office of McKinsey & Company and Blueflame Consulting on the project.
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