Total noncash payments per household, including cheques, card payments, electronic transfers via automated clearinghouse (ACH) system, have increased nearly 95% to 78.6 per month in 2015 from 40.3 per month in 2000, according to a study by the Federal Reserve.

Among the various types of noncash payments by consumers, non-prepaid debit cards was found to be the most popular, followed by general-purpose credit cards, checks, and ACH debit transfers.

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In case of businesses, ACH credit transfers topped the popularity chart, followed by checks, general-purpose credit cards, and non-prepaid debit cards.

The study also revealed a strong growth in selected alternative payment initiation methods and services from 2012 to 2015. These payment methods include mobile payments, payments through specialised services for person-to-person payments, and payments using online payment authentication methods.

However, total number and value of payments using these methods was found to be low as against total number and value of noncash payments.

The study also unveiled a decline in cheque usage, with about two-thirds fewer checks per household in 2015 compared to 2000.

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In case of businesses, monthly usage of cheques in 2015 stood at 4.1 versus 66 in 2000.

However, monthly ACH transfers by businesses surged to 29.8 from 13.4.

Also, value of business ACH transfers and business checks totalled $148.5 trillion in 2015, which is more than double the total value of business and consumer ACH transfers and checks five years earlier.