The Federal Reserve’s 2019 payments study, released December 19, found that core noncash payment numbers grew 6.7% annually from 2015 to 2018, up from 5.1% in the prior three-year period. The category covers debit cards, credit cards, automated clearinghouse (ACH) transfers and checks. These figures describe that period, not current activity. [shared-116e705ad33d7c5c65d688626989ecc2786689b466059d0086accc39cb8935f7]
Cards accounted for 75.3% of core noncash payments by number in 2018, but just 7.3% by value. Their payment count rose 8.9% per year over 2015–2018. ACH credit and debit transfer counts increased 6.0% annually. Check counts fell 7.2% per year to 14.5 billion in 2018, dropping below ACH debit transfers for the first time. Counts and dollar value tell different parts of the story. [shared-116e705ad33d7c5c65d688626989ecc2786689b466059d0086accc39cb8935f7]
The release documents a shift in how payments were made, but does not establish what that meant for customers, workers or businesses. It reports no time saved, costs borne, or distribution of benefits. Payment volume alone cannot answer who gained or carried added work or expense; that would require evidence beyond this release. [shared-116e705ad33d7c5c65d688626989ecc2786689b466059d0086accc39cb8935f7]