Federal Reserve Board – Federal Reserve issues initial findings from its 2025 triennial payments study

The Federal Reserve on Wednesday released the first findings from its triennial payments study to 2025. The information shows how consumers and businesses chose to make cashless payments, using different types of cards, ACH payments and checks.

The study shows that the total number of cashless payments made by consumers and businesses increased to 236.6 billion by 2024. Overall, the number of cashless payments tripled since 2000. Cards were used more frequently again, accounting for more than three-quarters of payments by number. Debit cards continued to account for the majority of all card payments, although credit card payments grew faster than debit card payments for the first time in nearly a decade.

ACH payments continued to account for the majority of non-cash payments by value. By 2024, ACH’s share of non-cash payments by value reached nearly three-quarters for the first time. The data also show that check payments and cash withdrawals from ATMs continued to decline in 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. The triennial study has been conducted every three years since 2001 with annual supplements since 2017. The study develops aggregate estimates using data collected from voluntary surveys of depository institutions, card networks and other major payment processors. Additional details will be available as further analysis is completed.

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