WASHINGTON — The number of noncash payments in the United States has more than tripled since 2000, with debit cards continuing to account for the majority of card transactions, according to initial findings from the Federal Reserve’s 2025 triennial payments study.
The Federal Reserve reported that consumers and businesses made an estimated 236.6 billion noncash payments in 2024 using debit and credit cards, automated clearing house (ACH) transfers and checks.
Cards remained the dominant form of noncash payment by volume, accounting for more than 75% of all noncash transactions, the Fed said. Debit cards continued to represent the largest share of card payments, although credit card transactions grew at a faster pace than debit card payments for the first time in nearly a decade.
ACH Payments Dominate
By value, ACH payments continued to dominate the payments landscape. The Federal Reserve said ACH transactions accounted for nearly three-quarters of the total value of all noncash payments in 2024, marking the first time the payment network reached that threshold.
The report also found continued declines in both the number and value of check payments and ATM cash withdrawals, reflecting the ongoing shift toward electronic payment methods.
The Federal Reserve’s triennial payments study has been conducted every three years since 2001, with annual supplemental updates beginning in 2017. The study develops nationwide estimates using data collected through voluntary surveys of depository institutions, card networks and other major payment processors.
The central bank said it plans to release additional findings from the 2025 payments study as further analysis is completed.
