The number of card payments and automated clearinghouse (ACH) transaction continue to grow, according to data released yesterday by the Federal Reserve Board.
There were more than 111 billion card transactions in 2016, up 7% from a year earlier. The total dollar amount of those transactions was $5.98 trillion, up 6% from 2015.
Breaking down the car payment data, more than 37 billion of the 111 billion transactions were made by credit cards, which is up 10% on a year-over-year basis. The 37 billion credit card transactions were used to purchased $3.3 trillion of goods and services.
The growth rate between 2015 and 2016 for card payments was equal to the growth rate for the prior three years combined, according to the Fed.