The value of cheque payments in the US saw moderate growth from 2013 to 2015, peaking at nearly $29.184 trillion in 2015, followed by a gradual decline. A significant drop occurred in 2020 due to the COVID-19 pandemic, with values plummeting to $21.564 trillion. However, 2021 saw a sharp recovery with values rising to $27.135 trillion. In 2023, the value stood at $25.576 trillion. Forecasts from 2024 to 2028 predict a steady decline at an average rate per year (CAGR) of -0.44%, with the value decreasing to approximately $24.963 trillion by 2028.
- 2019: Value of cheque payments was $26.121 trillion.
- 2020: Value decreased sharply by 17.45%.
- 2021: Post-pandemic recovery led to a 25.84% increase.
- 2023: Value slightly declined by 0.51% to $25.576 trillion.
- 2024-2028: Forecasted steady decline in value, with a CAGR of -0.44%.
Future trends to watch include the continued digitization of payments possibly leading to a further decline in cheque usage, the impact of fintech innovations, and shifts in consumer behavior towards cashless transactions.
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