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Trends and preferences in consumer payments: updates from the visa payment panel study

Author

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  • Susan Herbst-Murphy

Abstract

Michael Marx, senior director, Visa Research Insights, conducted a workshop in 2009 at the Payment Cards Center (PCC) as the economy was emerging from a recession. At that time, it appeared that the recession had affected consumer payment preferences, especially those related to cash and credit cards. To get an update on consumers? use of the various payment methods, the PCC invited Marx to facilitate another workshop in 2014. More recent findings from the Visa Payment Panel Study reveal declines in cash use ? a return to the long-term trend ? and increases in credit card use, perhaps signaling some return of confidence among consumers. Check use continued its unbroken long-term decline, and debit card growth has slowed. Private label cards have also registered a steady decline in their share of spending volume for a number of years. Their revolving credit utility, however, remains consequential in financing consumer purchases.

Suggested Citation

  • Susan Herbst-Murphy, 2015. "Trends and preferences in consumer payments: updates from the visa payment panel study," Consumer Finance Institute discussion papers 15-2, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpdp:15-02
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/consumer-finance/discussion-papers/dp15-02-trends-and-preferences-in-consumer-payments.pdf
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    Citations

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    Cited by:

    1. Dubravka Ritter, 2012. "Do we still need the Equal Credit Opportunity Act?," Consumer Finance Institute discussion papers 12-03, Federal Reserve Bank of Philadelphia.
    2. Maixe-Altes, J. Carles & Mourelle, Estefanía, 2016. "Cash and non-cash payments in a long run perspective, Spain 1989-2014," MPRA Paper 72590, University Library of Munich, Germany.

    More about this item

    Keywords

    Consumer payments; Electronic payments; Private label credit;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior

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