The 2009 survey of consumer payment choice
AbstractThis paper presents results of the 2009 Survey of Consumer Payment Choice (SCPC), along with revised 2008 SCPC data. In 2009, the average U.S. consumer held 5.0 of the nine payment instruments available, including cash, and used 3.8 of them during a typical month. Between the 2008 and 2009 surveys, a period that includes the trough of the latest recession, consumers significantly increased their use of cash and close substitutes for cash, such as money orders and prepaid cards. At the same time, consumers reduced their use of credit cards and (to a lesser extent) debit cards, as well as payments made using a bank account number. Weaker economic conditions, new government regulations, and bank pricing of payment card services all likely contributed to the shift back toward cash. However, it is difficult to determine how much each of these factors contributed, and whether the shift is transitory or permanent, without more data and research on consumer payment choice. In 2009, one in three consumers had a prepaid card and nearly as many had a nonbank payment account online, while 3 percent made a mobile payment. By focusing on payments by consumers only, the SCPC complements the recent 2010 Federal Reserve Payment Study, which describes the entire noncash payments economy.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Federal Reserve Bank of Boston in its series Public Policy Discussion Paper with number 11-1.
Date of creation: 2011
Date of revision:
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kevin Foster & Erik Meijer & Scott Schuh & Michael A. Zabek, 2010. "The 2008 Survey of Consumer Payment Choice," Public Policy Discussion Paper 09-10, Federal Reserve Bank of Boston.
- Marco Angrisani & Arie Kapteyn & Scott Schuh, 2012.
"Measuring Household Spending and Payment Habits: The Role of "Typical" and "Specific" Time Frames in Survey Questions,"
in: Improving the Measurement of Consumer Expenditures
National Bureau of Economic Research, Inc.
- Marco Angrisani & Arie Kapteyn & Scott Schuh, 2012. "Measuring household spending and payment habits: the role of “typical” and “specific” time frames in survey questions," Working Papers 12-7, Federal Reserve Bank of Boston.
- Dubravka Ritter, 2012. "Do we still need the Equal Credit Opportunity Act?," Payment Cards Center Discussion Paper 12-03, Federal Reserve Bank of Philadelphia.
- Oz Shy, 2012. "Who gains and who loses from the 2011 debit card interchange fee reform?," Public Policy Discussion Paper 12-6, Federal Reserve Bank of Boston.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Catherine Spozio).
If references are entirely missing, you can add them using this form.