December 7, 2004
LIKE THE PRE-STEAM INDUSTRIAL AGE:
Electronic bill paying outpaces paper checks for first time: The number of electronic payment transactions last year totaled 44.5 billion -- exceeding the number of checks paid, 36.7 billion. (JEANNINE AVERSA, 12/07/04, Associated Press)
For the first time, Americans' use of credit cards, debit cards and other electronic bill paying has eclipsed paper checks.The number of electronic payment transactions last year totaled 44.5 billion -- exceeding the number of checks paid, 36.7 billion -- according to Federal Reserve studies released Monday.
That's a first, the Fed said.
''The balance has shifted from check writing to electronic payments, and we expect this trend to continue,'' said Richard Oliver, senior vice president of the Federal Reserve Bank of Atlanta and the Federal Reserve banks' product manager for retail payments.
Every once in awhile you realize just how early in the Computer Age we are. Posted by Orrin Judd at December 7, 2004 10:52 AM
You can use PayPal to pay your bills. Unlike some bill pay services offered by banks, it is totally free. I've been using it - the advantage is that you can pay many bills from the same place, rather than login to the web site of each of your vendors to pay.
Posted by: Robert Duquette at December 8, 2004 11:25 AM