Cards continued to represent the highest number of non-cash payments in the United States in 2024, while ACH payments continued to represent the highest value of non-cash payments.
Both trends held true by a wider margin than three years ago, according to the latest news Study of Federal Reserve payments (Frbs).
The FRPS is conducted every three years and determines the total quantities Payment sizesincludes payments from accounts resident in the United States, both consumer and non-consumer.
The most recent study, 2025 FRPS, includes data from 2024.
Cards accounted for 79% of the volume of non-cash payments in 2024, up from 77% in 2021. These payments include 120.6 billion debit card payments and 67.1 billion credit card payments. However, cards accounted for only 8% of the value of non-cash payments.
“Credit cards have grown the most in number among all payment types, marking the first three-year period measured since 2000 in which credit card payments grew more than debit card payments,” the report said.
ACH payments accounted for 74% of the value of non-cash payments in 2024, up from 72% in 2021. These payments include both ACH debit transfers and ACH credit transfers, with the latter accounting for nearly two-thirds of the value of ACH payments, totaling $104.06 trillion in 2024.
“ACH payments continued to dominate non-cash payments in value, although growth has slowed compared to recent periods,” the report said.
Checks accounted for 4% of non-cash payments by number and 17% by value in 2024. Between 2021 and 2024, the number of check payments decreased by 1.8 billion to 9.2 billion and the value of check payments decreased by $1.92 trillion to $24.45 trillion.
Cash withdrawals from ATMs also decreased, with the number falling from 3.8 billion in 2021 to 3.4 billion in 2024.
For both checks and ATM withdrawals, while the numbers declined, the average value rose, the report said. The average value of check payments increased from $2,386 in 2021 to $2,653 in 2024. The average value of ATM cash withdrawals increased from $202 in 2021 to $210 in 2024.
Overall, total non-cash payments increased in number and value between 2021 and 2024. The number increased by 31.9 billion to reach 236.6 billion in 2024, while the value increased by $10.37 trillion to reach $140.01 trillion.
PYMNTS Intelligence ReportFive years of change: How payments went from slow and paper-based to instant and digital It found that in the US payment market, both consumers and businesses have moved away from slow checks and bank transfers toward faster digital options.
