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2019 Diary of Consumer Payment Choice

Author

Listed:
  • Claire Greene
  • Joanna Stavins

Abstract

In October 2019, almost half of all payments (43 percent) U.S. consumers made were for groceries, gas, and shopping, both in person and online. The distribution was different by value, as 40 percent of payments were for financial services, including mortgages, credit card bills, other loan payments, insurance, investments, and so on. The most commonly used payment instruments were debit cards, cash, and credit cards, which jointly accounted for 80 percent of all payments by number and 37 percent by value. By value, about 40 percent of consumer payments were made via ACH payments, executed either through online banking bill payment or by providing a bank routing number and account number to the payee. The average amount of cash a U.S. consumer held in his or her pocket, purse, or wallet was $60 (the median was $24). This paper describes key results from the 2019 Diary of Consumer Payment Choice (DCPC), the sixth 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 free of charge.

Suggested Citation

  • Claire Greene & Joanna Stavins, 2020. "2019 Diary of Consumer Payment Choice," Consumer Payments Research Data Reports 2020-04, Federal Reserve Bank of Atlanta.
    • Handle: RePEc:fip:fedadr:99801
    DOI: 10.29338/rdr2020-04
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    References listed on IDEAS

    as
    1. Scott Schuh & Joanna Stavins, 2016. "How Do Speed And Security Influence Consumers' Payment Behavior?," Contemporary Economic Policy, Western Economic Association International, vol. 34(4), pages 595-613, October.
    2. Oz Shy, 2020. "How Merchants Get Paid," Consumer Payments Research Data Reports 2020-02, Federal Reserve Bank of Atlanta.
    3. Marco Angrisani & Kevin Foster & Marcin Hitczenko, 2018. "The 2015 and 2016 Diaries of Consumer Payment Choice : Technical Appendix, Research Data Report No. 18-2," Consumer Payments Research Data Reports 2018-02, Federal Reserve Bank of Atlanta.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    cash; checks; checking accounts; debit cards; credit cards; prepaid cards; electronic payments; payment preferences;
    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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