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Federal Reserve finds noncash payments hit 236.6 billion in 2024
The Fed said cards made up over three quarters of noncash payments by number in 2024, while ACH reached nearly three quarters by value for the first time.
The Federal Reserve on Wednesday released initial findings from its 2025 triennial payments study, showing that the total number of noncash payments made by consumers and businesses rose to 236.6 billion in 2024.
According to the Fed, cards were used most frequently, accounting for over three quarters of noncash payments by number, while debit cards remained the majority of card payments and credit card payments grew faster than debit for the first time in nearly a decade.
The study found that ACH payments continued to dominate noncash payments by value, with ACH reaching almost three quarters of the total by value in 2024 for the first time.
The Fed also reported that check payments and ATM cash withdrawals continued to decline by both number and value, and said the study is a collaboration between the Federal Reserve Bank of Atlanta and the Federal Reserve Board, using data from voluntary surveys of depository institutions, card networks, and other payment processors.