Fed: Mobile Continues Overtaking Checks

Jul 11, 2018
Fewer than 80 percent of consumers who had paper checks on hand reported using them last year, while mobile payments are on the rise, the Federal Reserve Bank of Boston reported.

A new report on Fed payments surveys found that one-third of consumers made a mobile payment in 2017, up from one-fourth in 2015.

Further, 44.9 percent of consumers had a nonbank payment account last year, most commonly PayPal, according to the data.

Read the Report