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When Paying Bills, Low-Income Consumers Incur Higher Costs

Author

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  • Ying Lei Toh

Abstract

Low-income consumers are more likely to pay bills using costlier payment methods, even when they have access to cheaper bank account-based methods. Digital exclusion, cash flow constraints, and lack of trust in or familiarity with electronic payment methods may explain low-income consumers’ reliance on costlier bill payment methods.

Suggested Citation

  • Ying Lei Toh, 2021. "When Paying Bills, Low-Income Consumers Incur Higher Costs," Payments System Research Briefing, Federal Reserve Bank of Kansas City, issue November , pages 1-7, November.
    • Handle: RePEc:fip:fedkpb:93640
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    File URL: https://www.kansascityfed.org/Payments%20Systems%20Research%20Briefings/documents/8529/PaymentsSystemResearchBriefing21Toh1123.pdf
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    References listed on IDEAS

    as
    1. Ying Lei Toh, 2021. "Prepaid Cards: An Inadequate Solution for Digital Payments Inclusion," Economic Review, Federal Reserve Bank of Kansas City, vol. 106(no.4), October.
    2. Claire Greene & Joanna Stavins, 2020. "Consumer Payment Choice for Bill Payments," Working Papers 20-9, Federal Reserve Bank of Boston.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Fumiko Hayashi & Aditi Routh & Ying Lei Toh, 2023. "Which Types of Unbanked Households Are More (or Less) Likely to Open a Bank Account?," Research Working Paper RWP 23-08, Federal Reserve Bank of Kansas City.

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