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2018 Diary of Consumer Payment Choice

Author

Listed:
  • Claire Greene
  • Joanna Stavins

Abstract

This paper describes key results from the 2018 Diary of Consumer Payment Choice (DCPC), the fifth in a series of diary surveys that measure payment behavior through the daily recording of the spending of U.S. consumers. The DCPC is the only diary survey of U.S. consumer payments with data and results that are available to the public without a fee. In October 2018, consumers made more payments with debit cards than with any other payment instrument (28 percent of payments). Cash, in all prior diary years the most-used payment instrument, followed with 26 percent of payments. Together with credit cards (23 percent), these instruments accounted for slightly more than three-quarters of the number of payments. By value, electronic payments accounted for 36 percent of the value of total payments, a statistically significant increase from 2017. The value share of payments made with paper instruments continued its steady decline, from 31 percent in 2015 to 23 percent in 2018. The average value of a cash transaction was $21, compared with $206 for the average noncash transaction (and $92 for all transactions). The average value of consumers' holdings of cash on their persons (in pocket, purse, or wallet) was about $60.

Suggested Citation

  • Claire Greene & Joanna Stavins, 2020. "2018 Diary of Consumer Payment Choice," Consumer Payments Research Data Reports 2019-3, Federal Reserve Bank of Atlanta.
    • Handle: RePEc:fip:fedadr:87821
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    File URL: https://www.frbatlanta.org/-/media/documents/banking/consumer-payments/diary-of-consumer-payment-choice/2018/2018-diary-of-consumer-payment-choice.pdf
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    References listed on IDEAS

    as
    1. Klee, Elizabeth, 2008. "How people pay: Evidence from grocery store data," Journal of Monetary Economics, Elsevier, vol. 55(3), pages 526-541, April.
    2. Kevin Foster & Claire Greene & Joanna Stavins, 2020. "2018 Survey of Consumer Payment Choice," Consumer Payments Research Data Reports 2019-2, Federal Reserve Bank of Atlanta.
    3. Claire Greene & Scott Schuh & Joanna Stavins, 2018. "The 2012 diary of consumer payment choice," Research Data Report 18-1, Federal Reserve Bank of Boston.
    4. Scott Schuh, 2017. "Measuring consumer expenditures with payment diaries," Working Papers 17-2, Federal Reserve Bank of Boston.
    5. Claire Greene & Scott Schuh, 2017. "The 2016 Diary of Consumer Payment Choice," Research Data Report 17-7, Federal Reserve Bank of Boston.
    6. 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.
    7. Claire Greene & Joanna Stavins, 2020. "The 2017 Diary of Consumer Payment Choice," Consumer Payments Research Data Reports 2018-5, Federal Reserve Bank of Atlanta.
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    Citations

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    Cited by:

    1. Prescott, Brian C. & Shy, Oz, 2023. "Cash payments and the penny policy debate," Journal of Economic Behavior & Organization, Elsevier, vol. 208(C), pages 80-94.
    2. Oz Shy, 2021. "Consumer Use of Multiple Payment Methods," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 58(3), pages 339-355, May.

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    More about this item

    Keywords

    cash; checks; checking accounts; debit cards; credit cards; prepaid cards; electronic payments; payment preferences; Diary of Consumer Payment Choice;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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