CARPINTERIA, Calif.–Credit cards continued to gain share against all other forms of payment in the U.S. in 2015, according to new data compiled by The Nilson Report. The company said its research involved 11 methods of consumer payments in the U.S.
Purchases of goods and services totaled $9.550 trillion in 2015, up 3.4% over 2014. 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, The Nilson Report said.
The Nilson Report analysis shows credit cards accounted for $2.932 billion, 30.70% of volume. Debit cards accounted for $2.420 billion, 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 paper-based methods of cash, checks, money orders, travelers checks, 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 Nilson Report said.
The two electronic-based systems, remote and preauthorized payments, generated $1.389 trillion or 14.54% of all consumer payment systems, during 2015, according to the company.