The number of noncash payments more than tripled since 2000, with credit cards now outpacing debit cards in growth in use, according to initial findings from the Federal Reserve’s triennial payments study.
The total number of noncash payments made by consumers and businesses increased to 236.6 billion in 2024, according to the Fed. Debit cards accounted for 64% of all card payments in 2024 by number, down from 68% in 2021. The decline in growth reflects slower growth both for non-prepaid cards associated with checking accounts, which represented 82% of debit card payments in 2024, and for prepaid debit cards.
Credit cards grew the most by number among all payment types, marking the first three-year period since 2000 that credit card payments grew more than debit card payments, the Fed said. Credit card payments increased to 67.1 billion in 2024, up 16.2 billion from 2021. General-purpose credit cards were the main source of growth.
Automated Clearing House debit transfers grew faster than ACH credit transfers, although the latter still account for almost two-thirds of ACH payments by value.
Checks “continued their long, steady decline,” falling to 9.2 billion by number and $24.45 trillion by value in 2024, down 1.8 billion and $1.92 trillion from 2021, according to the Fed.
The number of ATM cash withdrawals also continued to fall, although their average value reached a new high. ATM withdrawals fell to 3.4 billion in 2024, down from 5.2 billion in 2015. The value of the average ATM withdrawal increased substantially, from $134 in 2015 to $210 in 2024.
