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2020 Diary of Consumer Payment Choice

Author

Listed:
  • Claire Greene
  • Joanna Stavins

Abstract

This paper describes key results from the 2020 Diary of Consumer Payment Choice (DCPC), the seventh in a series of diary surveys that measure payment behavior through the daily recording of consumer spending and payments in the United States. The DCPC is the only diary survey of US consumer payments with data and results that are available to the public free of charge. In October 2020, US consumers made most of their payments with debit cards, credit cards, and cash. Together, they accounted for three-quarters of all payments by number and one-third by value. In the pandemic year 2020, consumers’ mix of payments changed. Total number of payments in the month declined from 39 in 2019 to 35 in 2020, with purchases declining from 31 in 2019 to 26.1 in 2020. The number of bills paid was stable at 8.4. Online or mobile purchases of goods and services increased from 17 percent of all purchases in 2019 to 24 percent in 2020 (as a share of both in-person and not-inperson purchases). Of purchases not made in person, four in 10 were accomplished via a mobile phone. US consumers generally held more cash in 2020 compared to 2019. The average holding on person was $76.

Suggested Citation

  • Claire Greene & Joanna Stavins, 2021. "2020 Diary of Consumer Payment Choice," Consumer Payments Research Data Reports 2021-02, Federal Reserve Bank of Atlanta.
    • Handle: RePEc:fip:fedadr:99822
    DOI: 10.29338/rdr2021-02
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    File URL: https://www.atlantafed.org/-/media/documents/banking/consumer-payments/diary-of-consumer-payment-choice/2020/2020-diary-of-consumer-payment-choice.pdf
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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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