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.
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