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The 2008 Survey of Consumer Payment Choice

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Author Info

  • Kevin Foster
  • Erik Meijer
  • Scott Schuh
  • Michael A. Zabek

Abstract

This paper presents the 2008 version of the Survey of Consumer Payment Choice (SCPC), a nationally representative survey developed by the Consumer Payments Research Center of the Federal Reserve Bank of Boston and implemented by the RAND Corporation with its American Life Panel. The survey fills a gap in knowledge about the role of consumers in the transformation of payments from paper to electronic by providing a broad-based assessment of U.S. consumers' adoption and use of nine payment instruments, including cash. The average consumer has 5.1 of the nine instruments, and uses 4.2 in a typical month. Consumers make 53 percent of their monthly payments with a payment card (credit, debit, and prepaid). More consumers now have debit cards than credit cards, and consumers use debit cards more often than cash, credit cards, or checks individually. Cash, checks, and other paper instruments are still popular and account for 37 percent of consumer payments. Most consumers have used newer electronic payments, such as online banking bill payment, but they only account for 10 percent of consumer payments. Security and ease of use are the characteristics of payment instruments that consumers rate as the most important.

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File URL: http://www.bostonfed.org/economic/ppdp/2009/ppdp0910.htm
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Bibliographic Info

Paper provided by Federal Reserve Bank of Boston in its series Public Policy Discussion Paper with number 09-10.

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Date of creation: 2010
Date of revision:
Handle: RePEc:fip:fedbpp:09-10

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Related research

Keywords: Payment systems ; Electronic funds transfers ; Consumer behavior ; Consumers' preferences;

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Cited by:
  1. Shy Oz, 2012. "Account-to-Account Electronic Money Transfers: Recent Developments in the United States," Review of Network Economics, De Gruyter, vol. 11(1), pages 1-25, March.
  2. Kevin Foster & Erik Meijer & Scott Schuh & Michael A. Zabek, 2011. "The 2009 survey of consumer payment choice," Public Policy Discussion Paper 11-1, Federal Reserve Bank of Boston.
  3. Bruce J. Summers & Kirstin E. Wells, 2011. "Emergence of immediate funds transfer as a general-purpose means of payment," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q III, pages 97-12.
  4. Foster, Kevin & Schuh, Scott & Zhang, Hanbing, 2013. "The 2010 Survey of Consumer Payment Choice," Research Data Report 13-2, Federal Reserve Bank of Boston.
  5. Willam Jack & Tavneet Suri & Robert Townsend, 2010. "Monetary theory and electronic money : reflections on the Kenyan experience," Economic Quarterly, Federal Reserve Bank of Richmond, issue 1Q, pages 83-122.
  6. Ronald J. Mann, 2011. "Adopting, using, and discarding paper and electronic payment instruments: variation by age and race," Public Policy Discussion Paper 11-2, Federal Reserve Bank of Boston.

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