Electronic Payments Expected to Account for 43% of U.S. Consumer Payments By 2007

Tuesday 5 October 2004 00:38 CET | News

Electronic payments are expected to grow from 33% of the consumer payments mix in 2002 to 43% by 2007 according to a new report from market research publisher Packaged Facts titled Third-Party Processing in North America.

Growth is being fueled primarily by increased Internet commerce, international expansion, and an increased number of debit transactions. Expansion in the use of credit, debit, and other electronic payment cards around the globe also presents the card processing industry with significant opportunities. The report goes on to say that, according to Federal Reserve figures on U.S. consumers and electronic banking, the number of households banking by computer grew threefold between 1999 and 2003. Those using debit and smart cards more than doubled. Third-Party Processing in North America is essentially three reports in one, quantifying markets for payroll, payment, and healthcare processing, thereby clarifying ambiguity among third-party services. It identifies market participants via detailed profiles and market revenue contribution in each processing category. It is essential reading for professionals in the hospital and healthcare, banking and credit card, and payroll industries.

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Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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