Cash has officially been dethroned as a popular payment option in the HVAC industry. Credit card payments have slowly been increasing in the U.S., according to the Federal Reserve Payments Study 2017 Annual Supplement. Per the report, total card payments grew from 103.5 billion, with a value of $5.65 trillion in 2015, to 111.1 billion, with a value of $5.98 trillion in 2016. Total card payments increased at an annual rate of 7.4 percent by number and 5.8 percent by value from 2015 to 2016.
In fact, credit card payments registered the highest growth rate by number — 10.2 percent — among the core payment types during the same period, up from a growth rate of 8.1 percent from 2012 to 2015. Additionally, the global mobile payment revenue in 2015 was $450 billion and is expected to surpass $1 trillion in 2019, per Statista.