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3 bln person-to-person financial transactions in 2008

US noncash person-to-person market in 2008 was $1.1 trln in over 3 bln transactions. Checks are in decline, but they remain the most significant person-to-person payment method, amounting to over $1 trln of the noncash P2P payments volume. In 2008, checks represented over $1.013 trln of the noncash P2P payments in the United States and [...]

US noncash person-to-person market in 2008 was $1.1 trln in over 3 bln transactions. Checks are in decline, but they remain the most significant person-to-person payment method, amounting to over $1 trln of the noncash P2P payments volume. In 2008, checks represented over $1.013 trln of the noncash P2P payments in the United States and cost financial institutions what TowerGroup estimates as $255 mln to process.