ACH transactions rise because of the stimulus payments

Thursday 4 March 2021 13:55 CET | News

Payments made through ACH have risen to record levels in 2020, driven in largely by last year's Coronavirus Aid, Relief, and Economic Security (CARES) Act. 

The law provided up to USD 1,200 per adult, depending on household income, and USD 500 per child, up to USD 3,400 for a family of four. The subsequent Coronavirus Response and Relief Supplemental Appropriations Act authorised additional payments, up to USD 600 per adult and USD 600 per child.

In addition to these payments, COVID helped fuel ACH growth as consumers became more comfortable making purchases online. ACH payments for online e-commerce soared by 15% to 7.7 billion transactions. Transaction volume rose 8.2% in 2020 compared to 2019; transaction value surged by 10.8% to USD 61.9 trillion.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: online payments, ecommerce, coronavirus, ACH
Categories: Payments & Commerce
Countries: United States
This article is part of category

Payments & Commerce

Industry Events