About the FRPS
The Federal Reserve Payments Study (FRPS) is an ongoing effort to quantify aggregate noncash payment volumes, cash withdrawals and deposits, payments fraud, and related information, offering a periodic benchmark of developments in the U.S. payments system to policymakers, the industry, and the public. The aggregates cover payments from U.S. domiciled consumer and business accounts, including those of for-profit and not-for-profit enterprises and local, state, and federal government agencies.
The FRPS is a collaborative effort of the Federal Reserve Bank of Atlanta and the Federal Reserve Board. Triennial versions of the FRPS have been conducted every three years since 2001 and annual versions every year between triennial studies since 2017. FRPS team members develop aggregate estimates using data collected from surveys of depository institutions, card networks, and other major payment or cash processors.
FRPS survey components include the following:
- The Depository and Financial Institutions Payments Survey (DFIPS) collects the number and value of major noncash payment types, cash withdrawals and deposits, payments fraud, and related information from commercial banks, savings institutions, and credit unions. A consistent set of large depository institutions is surveyed every year, allowing annual estimates of changes in payment volumes among this key group of institutions. In triennial years, a representative sample of smaller institutions is also surveyed, allowing triennial estimates of national payment volumes and changes over three-year periods.
- The Networks, Processors, and Issuers Payments Surveys (NPIPS) are tailored to specific payment types and processors. The surveys collect the number and value of major noncash payment types, cash withdrawals, payments fraud, and related information. The surveys include a census of major general-purpose card networks, private-label card issuers and processors, automated clearinghouse (ACH) operators, and processors involved with other types of emerging and alternative payment methods and systems. Some surveys—such as general-purpose and private-label card surveys—allow annual estimates of national payment volumes and changes, while other surveys allow estimates on a triennial basis.