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COVID-19 Payment Trends

We’re monitoring payment behavior during COVID-19 to bring you insights and trends.*

Hear the breakdown on the AFSA Extra Credit Podcast

How Payment Types Have Fared in Auto Lending

  • The Stability of ACH
    Of the three main tender types, ACH payments have remained the most steady for auto loan repayments—possibly due to their prevalence in autopay.
  • Cash Remains Important
    Cash payments persisted, suggesting their necessity in spite of social distancing and shelter-in-place mandates.
  • How Stimulus Direct Deposits Were Spent

  • Rent and Loan Repayments See a Big Jump
    The largest share of payments were for rent and the repayments of auto & personal loans, with a small bump in utilities.
  • Government Payments Remained Below Expectations
    After direct deposits began, payments to the government (e.g. child support) through our network remained slightly below expectations.
  • The Impact of Stimulus Payments on Lending

  • Direct Deposits Drive Electronic Payments
    Debit card and ACH payments skyrocketed to nearly 50% above expectations days after the stimulus program direct deposits began.
  • Cash Payments See Modest Boost
    Cash payments saw a modest bump, as some consumers may have converted their direct deposits into cash. For the unbanked and those without electronic deposit, we believe total impact from the stimulus program can not yet be seen.
  • *Analysis of a statistically significant sample of millions of bill payments made by U.S. consumers through the PayNearMe network between March 1 and April 17.

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