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The 2008 Survey of Consumer Payment Choice

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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.

Suggested Citation

  • Kevin Foster & Erik Meijer & Scott Schuh & Mike Zabek, 2010. "The 2008 Survey of Consumer Payment Choice," Public Policy Discussion Paper 09-10, Federal Reserve Bank of Boston.
  • Handle: RePEc:fip:fedbpp:09-10
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    Cited by:

    1. Claire Greene & Scott Schuh & Joanna Stavins, 2017. "The 2015 Survey of Consumer Payment Choice: summary results," Research Data Report 17-3, Federal Reserve Bank of Boston.
    2. Kevin Foster & Erik Meijer & Scott Schuh & Mike 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, vol. 35(Q III), pages 97-112.
    4. Greene, Claire & Stavins, Joanna, 2017. "Did the Target data breach change consumer assessments of payment card security?," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 11(2), pages 121-133, August.
    5. Oz Shy & Zhu Wang, 2011. "Why Do Payment Card Networks Charge Proportional Fees?," American Economic Review, American Economic Association, vol. 101(4), pages 1575-1590, June.
    6. Scott Schuh & Joanna Stavins, 2014. "The 2011 and 2012 Surveys of Consumer Payment Choice," Research Data Report 14-1, Federal Reserve Bank of Boston.
    7. Kevin Foster & Scott Schuh & Hanbing Zhang, 2013. "The 2010 Survey of Consumer Payment Choice," Research Data Report 13-2, Federal Reserve Bank of Boston.
    8. 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.
    9. Joanna Stavins, 2016. "The effect of demographics on payment behavior: panel data with sample selection," Working Papers 16-5, Federal Reserve Bank of Boston.
    10. 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.
    11. Sean Connolly & Joanna Stavins, 2015. "Payment instrument adoption and use in the United States, 2009–2013, by consumers' demographic characteristics," Research Data Report 15-6, Federal Reserve Bank of Boston.
    12. William Jack & Tavneet Suri & Robert M. Townsend, 2010. "Monetary theory and electronic money : reflections on the Kenyan experience," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 96(1Q), pages 83-122.
    13. Claire Greene & Joanna Stavins, 2018. "The 2016 and 2017 surveys of consumer payment choice: summary results," Research Data Report 18-3, Federal Reserve Bank of Boston.
    14. Lukasz Drozd & Michal Kowalik, 2019. "Credit Cards and the Great Recession: The Collapse of Teasers," 2019 Meeting Papers 1047, Society for Economic Dynamics.

    More about this item

    Keywords

    Payment systems; Electronic funds transfers; Consumer behavior; Consumers' preferences;
    All these keywords.

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