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What Two Billion Retail Transactions Reveal about Consumers’ Choice of Payments

Author

Listed:
  • David A. Price
  • Zhu Wang
  • Alexander L. Wolman

Abstract

Although cash continues to be a major form of payment in retail transactions, data on the use of cash are challenging to obtain. Research at the Richmond Fed has exploited a large dataset of cash, check, credit card, and debit card transactions at a nationwide retail chain to examine consumer payment choice based on transaction size and location, day-of-week and day-of-month cycles, and longer-term trends.

Suggested Citation

  • David A. Price & Zhu Wang & Alexander L. Wolman, 2017. "What Two Billion Retail Transactions Reveal about Consumers’ Choice of Payments," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, issue April.
  • Handle: RePEc:fip:fedreb:00051
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    File URL: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/economic_brief/2017/pdf/eb_17-04.pdf
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    Keywords

    cash; payments; transactions;

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