Board of Governors of the Federal Reserve System

The Federal Reserve on Friday issued initial findings from its 2022 triennial payments study. The information shows how consumers and businesses chose to make noncash payments, using checks, different types of cards, and the automated clearinghouse (ACH). Additional details will be available as analysis is completed.

The data show that the average values of consumers' and businesses' ACH, check, and card payments increased substantially from 2018 to 2021. The data also show that consumers and businesses made more noncash payments, leading to a greater total value of noncash payments in the same time period. Cards were used most frequently, and accounted for 84 percent of the increase in the number of payment transactions. The increase in total value, however, was driven almost entirely by the increase in the value of ACH payments.

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.

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Note: On April 21, 2023, the press release was updated to correct the number for card payments’ contribution to the increase in the number of payment transactions from 98 to 84.