The number of noncash payments has more than tripled since 2000, with debit cards now accounting for most card payments, which were the leaders overall in the noncash transactions, the Federal Reserve said Wednesday.
In its initial findings from the 2025 triennial payments study, the Fed said consumers chose to use cards, ACH payments, and checks as their noncash payment vehicles. By number, cards were used most frequently, as has been the case recently, accounting for more than 75% of payments by number, the Fed said.
Debit cards continued to account for most of all card payments. However, credit card payments grew faster than debit card payments for the first time in almost a decade, the agency said.
The total number of noncash payments made by consumers and businesses increased to 236.6 billion in 2024, according to the agency.
By value, the Fed said, payments using ACH continued to account for most noncash payments. “In 2024, ACH’s share of noncash payments by value reached almost three quarters for the first time,” the agency said in a release.
However, check payments and ATM cash withdrawals continued to decline by both number and value, according to the study.
The triennial study has been conducted every three years since 2001 with annual supplements since 2017, according to the Fed. It develops aggregate estimates using data collected from voluntary surveys of depository institutions, card networks, and other major payment processors.
The Fed said more details from the study will be released as more analysis is completed.
Federal Reserve issues initial findings from its 2025 triennial payments study
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