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The 2016 and 2017 surveys of consumer payment choice: summary results

Author

Listed:
  • Claire Greene
  • Joanna Stavins

Abstract

Despite the introduction of new technology and new ways to make payments, the Survey of Consumer Payment Choice (SCPC) finds that consumer payment behavior has remained stable over the past decade. In the 10 years of the survey, debit cards, cash, and credit cards consistently have been the most popular payment instruments. In 2017, U.S. consumers ages 18 and older made 70 payments per month on average. Debit cards accounted for 31.8 percent of those monthly payments, cash for 27.4 percent, and credit cards for 23.2 percent. The SCPC continues to measure new ways to shop and pay and found that the increase in the number of purchases made online between 2015 and 2017 is statistically significant. In 2017, consumers on average made 5.6 online purchases per month, which account for 8 percent of all transactions and are up from 6.9 percent of all transactions in 2015. Use of mobile technologies continued to grow: In 2017, one-third of consumers made a mobile payment, compared with one-fourth in 2015. Compared with the findings for 2015, a greater share of credit card adopters paid their balance in full at the end of the month in 2017: 45 percent in 2017 versus 41 percent in 2015.

Suggested Citation

  • 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.
    • Handle: RePEc:fip:fedbdr:18-3
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    References listed on IDEAS

    as
    1. Kevin Foster & Erik Meijer & Scott Schuh & Mike Zabek, 2010. "The 2008 Survey of Consumer Payment Choice," Public Policy Discussion Paper 09-10, Federal Reserve Bank of Boston.
    2. Claire Greene & Shaun O'Brien & Scott Schuh, 2017. "U. S. consumer cash use, 2012 and 2015: an introduction to the Diary of Consumer Payment Choice," Research Data Report 17-6, Federal Reserve Bank of Boston.
    3. Stavins, Joanna & Shy, Oz, 2015. "Merchant steering of consumer payment choice: Evidence from a 2012 diary survey," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 55(C), pages 1-9.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Claire Greene & Joanna Stavins, 2020. "2018 Diary of Consumer Payment Choice," Consumer Payments Research Data Reports 2019-3, Federal Reserve Bank of Atlanta.
    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. Shy, Oz, 2021. "Cashless stores and cash users," Journal of Policy Modeling, Elsevier, vol. 43(3), pages 622-638.
    4. repec:fip:a00001:89583 is not listed on IDEAS
    5. 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.
    6. Jing Jian Xiao & Chunsheng Tao, 2020. "Consumer finance/household finance: the definition and scope," China Finance Review International, Emerald Group Publishing Limited, vol. 11(1), pages 1-25, June.
    7. Tamás Végsõ, 2020. "Comparative Analysis of the Changes in Cash Demand in Hungary," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 19(1), pages 90-118.

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    More about this item

    Keywords

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

    JEL classification:

    • 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
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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