Innovation by America’s banks, payments companies and technology firms has made our country’s payments system the most secure, convenient and accessible in the world.
Thanks to collaboration between banks and merchants, consumers today can safely pay online or in person in whatever way they choose—whether it’s cash, check, card, smartphone or smartwatch.
America’s payments system is working, and is proof that Innovation Pays. Competition and collaboration— not government mandates—will keep the system secure, convenient and accessible.
Consumers and businesses today have unprecedented access to safe and secure payments, thanks to innovations that can turn anyone’s smartphone into a point of sale terminal and anyone’s email address into a check.
From 2015 to 2018, more than 3/4 of all core noncash payments in the U.S. were made with credit and debit cards.*
Mobile point-of-sale transactions, ones that use devices like Square, will increase 300% by 2023 to pass 87 billion transactions.**