Consumer behavior and market response in the future US payments system The development and adoption of new payments instruments is largely being influenced by consumers, merchants, and their banks and service providers interacting in a market setting. Until very recently, checks have been the dominant form of noncash payment in the US payments system as measured by the annual number of payments.
However, the 1990s saw a marked shift in consumers' behavior. Federal Reserve research has revealed a steady decline in check usage since the mid-1990s. By 2003, electronic noncash retail payments exceeded check payments for the first time. Debit cards, used primarily by consumers for everyday purchases, have represented the fastest growing segment of the retail payments system.