Fed: US Noncash Payments Reached 236.6B in 2024, Triple 2000 Level
Written by
Riya AroraFounder
The Federal Reserve released preliminary results from its 2025 triennial payments study on July 1, 2026. The research, conducted jointly by the Federal Reserve Bank of Atlanta and the Federal Reserve Board, tracks how consumers and businesses use noncash payment methods including cards, ACH transfers, and checks.
According to the findings, total noncash payments climbed to 236.6 billion transactions in 2024, more than tripling since 2000. Cards remained the dominant payment method by transaction count, representing over three-quarters of all noncash payments. Debit cards still made up the majority of card transactions, but credit card volume grew faster than debit card volume for the first time in nearly ten years.
By dollar value, ACH transfers continued to lead, reaching close to three-quarters of total noncash payment value in 2024, a first for the survey. Meanwhile, both check payments and ATM cash withdrawals continued their long-term decline in number and value.
The Federal Reserve has run this study every three years since 2001, supplementing it with annual updates since 2017. Estimates are built from voluntary survey data supplied by depository institutions, card networks, and payment processors. The Fed said further analysis and additional details will be released as the study progresses.
Impact
Findings affect banks, card networks, payment processors, and businesses tracking shifts toward credit card use and away from checks and ATM cash withdrawals, informing infrastructure and processing decisions.
What to do
Businesses and financial institutions should review upcoming detailed Fed data to assess how rising credit card use and shrinking check volume affect processing costs and infrastructure planning.