US Has the World’s Largest Payments Market

Date: 2015-09-16

“• The US has the world’s largest payments market, and one of the highest levels of card penetration. In 2014, the US accounted for 86.0% and 87.7% of North America’s transaction value and volume respectively.

• Electronic payments have steadily gained ground in the US, and in terms of transaction volume they have overtaken the once-dominant check. The decline in check transactions gathered pace in the last 10 years, largely due to a surge in the conversion of checks into automated clearing house (ACH) debits.

• The shift towards electronic payments has also been aided by contactless technology, which was launched in 2004 and is now gaining significant momentum. US consumers have a variety of contactless propositions to choose from, as all major payment networks – Visa, MasterCard, American Express and Discover – have contactless cards available to consumers.”

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