Fed releases initial insights into payments study

by NAFCU Newsroom

The Federal Reserve Friday issued initial insights from the 2022 Federal Reserve Payments Study – a triennial review of payments data from 2018-2021. Of note, the value of core noncash payments increased 9.5 percent per year over the period – the fastest rate than in any previous study measurement period since 2000.

In addition, the study found:

  • the increase in the value of ACH transfers accounted for more than 90 percent of the rise in noncash payments value from 2018 to 2021;
  • the number of ATM cash withdrawals dropped substantially during the study period – falling 10.1 percent per year;

 

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