Recent data released by PayNearMe shows some trends in where consumers were sending payments after the government began depositing CARES Act stimulus checks in consumer's bank accounts. Using its payment platform, PayNearMe tracked what categories of payments consumers have been making over the past couple of months.
According to the data, the biggest jump in payments after stimulus checks were depositied went to rent and loans, with a slightly smaller—but still significant—jump in utility payments.
Since the stimulus check deposits made in mid-April were electronic direct deposits, the data also shows what we would expect: using forms of payment compatible with electronic transactions also increased. The chart below, for example, illustartes type of payments made on auto loans through the PayNearMe network. The chart shows a significant increase in card and ACH payments, and a much smaller increase in cash payments.
For those interested in continuing to track this type of information, PayNearMe maintains a COVID-19 Payment Trends page.