Combined with data on check payments, the results show the dramatic impact of the pandemic on the use of payments by Americans, businesses and government agencies compared to 2019, before the pandemic had significantly impacted the US economy.
ACH growth accelerated in key areas that represent a quickening shift away from check payments. Payments to individuals by Direct Deposit increased by 11.1% to more than 2 billion. Internet-initiated consumer ACH payments for bills and other account transfers grew by 15.2% to more than 2 billion. Person-to-person (P2P) payments completed by ACH grew by 44% to 62 million.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.