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Payments: What The Continuing Migration To Digital May Mean

As consumers and businesses in the U.S. continue to migrate from paper to electronic payments, Curinos has identified several telling trends from its TM Analyzer database: 

  • From May 2022 to November 2023, real-time payments (RTP) volumes increased a whopping 60%, while same-day ACHs increased by 28% and ACH volume grew by 23%. In contrast, check volumes decreased by 1% with lockbox volumes down by 8% (see chart).
  • But while check volumes may have decreased, revenue associated with check processing services increased because of upward price adjustments. The economic benefits, however, may be short-lived: This increasing cost of check services is likely to only accelerate the migration to ACH products.
  • The 60% increase in real-time payments is impressive, but fully 90% of this volume originates from just 1% of bank customers. That means there’s significant room to grow as more commercial customers adopt real-time payments as a payment alternative. 

Growth In Payments Methods – May ‘22 To Nov ‘23​ ​

Growth of electronic payments continues to dwarf that of paper-based processing.
Source: Curinos TM Analyzer​

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