HERNDON, VA. - Nacha, the electronic payments association, announced Monday that 24,600 retail sites in the nation converted check payments at the point of sale into electronic funds transfers this January, up 400% from the year earlier.

Nacha, which has developed rules to support such transactions, said more than 1.5 million checks were converted during January. The association said it expects 25 million checks to be converted, or truncated, this year.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.