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Fed releases initial findings from 2025 triennial payments study

The Fed estimates total noncash payments rose to 236.6 billion in 2024, more than tripling since 2000.

Reported · Written up by our desk · Economy

The Federal Reserve on Wednesday issued initial findings from its 2025 triennial payments study, detailing how consumers and businesses made noncash payments in the United States.

The Fed said the total number of noncash payments increased to 236.6 billion in 2024, and that noncash payments have more than tripled since 2000. Cards remained the most frequently used payment method by number, accounting for over three quarters of payments, while debit cards still made up the majority of card transactions.

The study also found a shift in payment method mix by value, with ACH systems accounting for nearly three quarters of noncash payments by value in 2024 for the first time. The Fed said check payments and ATM cash withdrawals continued to decline by both number and value.

The Federal Reserve Payments Study is a collaborative effort of the Federal Reserve Bank of Atlanta and the Federal Reserve Board, using aggregate estimates based on voluntary surveys of depository institutions, card networks, and other payment processors. Additional details are expected as more analysis is completed.

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