- Payment volume through the PayNearMe network rose dramatically — up to 40% above our expectations based on historical volumes — after the first stimulus checks reached consumer bank accounts.
- Debit card and ACH payments skyrocketed to nearly 50% above expectations days after the stimulus program direct deposits began.
- The largest increases relative to our expectations were for rent and auto loan repayments.
- In-person cash payments persisted, suggesting their necessity in spite of social distancing and shelter-in-place mandates.
SANTA CLARA, CA, Tuesday, May 12, 2020 — New payment data from PayNearMe, the modern and reliable payments platform, reveals which payments took priority and which tender type consumers used to make those payments during the first weeks of COVID-19. Automated Clearing House (ACH) transfer and debit card payment volume increased, presumably because of perceived safety as consumers complied with shelter in place orders. Cash payments defied media narratives and remained relatively steady as a bill payment method.
Analysis of a statistically significant sample of millions of bill payments made by U.S. consumers between March 1 and April 17 revealed three clear trends: