60% of consumer transactions involve credit/debit cards, leading to rapid decline of check usage due to digital payment alternatives.

Check usage is rapidly declining due to the popularity of digital payment methods, with over 60% of consumer transactions now involving credit/debit cards (Federal Reserve). Many retailers have stopped accepting checks, and digital alternatives like Venmo, Cash App, and Zelle contribute to this decline, as they offer better rewards and protections than checks. While checks aren't obsolete, the shift to digital payments is evident.

August 27, 2024
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