image credit: Pexels

Electronic payments surged for banks in 2020

April 13, 2021


Digital payments have clearly been catching on with the annual volume climbing by more than a billion annually in each of the past six years and the annual value growing by more than $1 trillion in each of the last eight years, according to the Nacha report issued last month.

That means that last year the payment volume equaled about 81 payments for every person living in the U.S., the organization said. The rise in transactions was driven last year by increased business and consumer payments shifting online as the pandemic kept people working and shopping from home to avoid transmission of the coronavirus. While digital payments have been gaining traction for years, the pandemic supercharged the transition.

Read More on Payments Dive