Fed says noncash payments rose in 2024 in initial 2025 study findings
The Federal Reserve said its latest triennial payments study shows continued growth in noncash payments in 2024, with cards used most often and ACH accounting for most payment value.
The Federal Reserve said Wednesday it released initial findings from its 2025 triennial payments study, showing that noncash payments by consumers and businesses continued to rise in 2024.
The Fed said total noncash payments reached 236.6 billion in 2024, more than tripling since 2000.
What the study found
Cards remained the most frequently used payment type and accounted for more than three-quarters of payments by number, according to the Fed. Debit cards still made up the majority of card payments.
The Fed also said credit card payments grew faster than debit card payments for the first time in almost a decade.
By value, the automated clearing house, or ACH, system continued to dominate noncash payments. The Fed said ACH accounted for the majority of noncash payments by value and reached almost three-quarters of that total in 2024 for the first time.
Check payments and ATM cash withdrawals continued to decline by both number and value, the central bank said.
Background and context
The Federal Reserve Payments Study is a joint effort of the Federal Reserve Bank of Atlanta and the Federal Reserve Board. The triennial study has been conducted every three years since 2001, with annual supplements since 2017.
The Fed said the study uses aggregate estimates built from voluntary surveys of depository institutions, card networks and other major payment processors.
What the Fed said
The central bank said the release contains only initial findings and that additional details will be made available as analysis continues.
What happens next
The Federal Reserve said more analysis from the 2025 study is still under way, with further detail to follow.
Sources
Editorial note: This article was prepared with AI assistance and requires editorial review before publication.
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