Remote Card Payments Rising Every Year

On December 21, the Federal Reserve published their new report on credit card payments. In the report, they are confident about the fact that remote credit card payments have increased over the last 12 months.

According to their data and analysis, the increase in the number of total remote credit payments made from 2015- 2016 was easily noticeable.

With the total value of 3.27 trillion,the total number of credit card payments rose to 10.2 percent in the year 2016. This is higher than the annual rate from the year 2012 – 2015, which was approximately 8.1 percent.

This rise was pushed this far due to the exponential growth of total remote credit card payments. This count included, both online bill pays and online shopping purchases.

But more importantly, the percentage of total online remote credit card payments had a big leap last year. It rose to 16.6 percent in 2016 where it was around 8 percent before that. That means, the total number increased slightly more than 2 times. And the total remote credit card payments is approximately 22.2 percent of the total payments made with debit and credit cards. The number is higher than it was estimated in 2015.

Everyone was expecting around 20.7 for the year 2016. But we got 1.5 percent more than that and it is a good sign.

It is good for two reasons. First, this increase in remote online credit card payments indicates that people are trusting vendors and merchants more and more, which is a great step towards globalization.

Secondly, people are using digital cash instead of actual cash in purchases and bill payments. This, is not only making their life easy, but safe too. Although there is much contradiction about the fact that digital currency is still the safest way to carry cash without losing and getting robbed, some may look at the credit card fraud happening around the world.

But bank and online currency wallet companies are trying heart and soul to make sure people feel safe with them. So, it is safe to assume that within next few years, credit card fraud will cease to exist.

Now, coming back to the remote payments, data shows that remote credit card payments are around 44 percent of the total of all-general-purpose card payments. It also exceeds the percentage recorded in the year 2015. That year, remote credit card payments were 42.9 percent of total payments made with credit cards.

The report from Federal Reserve also cleared that the total US card payments hit around $111.1 billion in the year 2016. That is also higher than the previous year with a 7.4% growth. Besides,the value of the card payments has also gradually increased at 5.8 percent rate to hit $5.98 trillion.

The same report indicated that use of chip cards also increased from the year 2015 - 2016. This is a great measure of advanced encryption to safeguard your assets from fraud. So, you should be relaxed knowing authorities are doing their best to protect you from the world of online frauds and credit card hacks.

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