Key Highlights

• The Federal Reserve's 2025 triennial payments study found total noncash payments reached 236.6 billion in 2024.

• Noncash payment volume has more than tripled since 2000.

• Cards accounted for over three quarters of noncash payments by number, with credit card growth outpacing debit for the first time in nearly a decade.

• ACH payments represented almost three quarters of noncash payment value, a record share.

A Long-Term Shift Toward Electronic Payments Continues

The Federal Reserve released initial findings from its 2025 triennial payments study, a collaborative effort between the Federal Reserve Bank of Atlanta and the Federal Reserve Board. The study tracks how consumers and businesses conduct noncash payments across card networks, ACH transfers, and checks.

Total noncash payments climbed to 236.6 billion in 2024, extending a long-term trend that has seen payment volume more than triple since 2000. This sustained growth reflects the continued displacement of paper-based payment methods by electronic alternatives across both consumer and business transactions.

Credit Cards Gain Ground on Debit for the First Time in Years

Cards remained the most frequently used noncash payment method, accounting for more than three quarters of all payments by number. Debit cards continued to represent the majority of card transactions.

Notably, credit card payment growth outpaced debit card growth for the first time in nearly a decade, a shift that could reflect changing consumer spending patterns or increased use of credit for everyday purchases. This reversal marks a departure from a trend that had favored debit card usage for an extended period.

ACH Dominance by Value Reaches a New Milestone

While cards led by transaction count, the ACH system continued to account for the majority of noncash payments by total value. In 2024, ACH's share of noncash payment value reached nearly three quarters for the first time in the study's history.

This divergence between transaction count and value reflects the different roles each payment method plays: cards are typically used for smaller, high-frequency purchases, while ACH handles larger transactions such as payroll, business payments, and bill pay. Both check payments and ATM cash withdrawals continued their long-term decline in number and value, reinforcing the broader shift away from paper and cash-based transactions.

Conclusion

The Fed's latest payments study confirms the continued acceleration of a decades-long shift toward electronic and card-based payment methods in the United States. The emerging strength in credit card growth relative to debit, alongside ACH's record share of payment value, suggests evolving preferences among both consumers and businesses. Additional analysis from the Fed is expected to provide further detail on these trends in the coming months.