The Federal Reserve Board said the number of checks issued from 2015 to 2018 declined by 8.2 percent per year, a faster pace than the previously reported 7.2 percent annual decrease.
Meanwhile, the use of alternative payment methods and services continued to grow, with the number of payments via person-to-person and money transfer services more than doubling from 2015 to 2018.
The 2019 Federal Reserve Payments Study also found that the number and value of wire transfers originated by consumers grew at double-digit rates from 2012 through 2018.
