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The 2017 Diary of Consumer Payment Choice

Author

Listed:
  • Claire Greene
  • Joanna Stavins

Abstract

This paper describes key results from the 2017 Diary of Consumer Payment Choice (DCPC), the fourth in a series of diary surveys that measure payment behavior through the daily recording of U.S. consumers' spending. The DCPC is the only diary survey of U.S. consumer payments available free to the public. In October 2017, consumers paid mostly with cash (30.3 percent of payments), debit cards (26.2 percent), and credit cards (21.0 percent). These instruments accounted for three-quarters of the number of payments, but only about 40 percent of the total value of payments, because they tend to be used more for smaller-value payments. In contrast, electronic payments accounted for 30.3 percent of the value of total payments but only 8.9 percent of the number of payments. Checks, at 17.7 percent, continued to account for a relatively high percentage of the value of payments. The average value of a cash transaction was $23.4, compared with $109.3 for the average noncash transaction (and $83.3 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. "The 2017 Diary of Consumer Payment Choice," Consumer Payments Research Data Reports 2018-5, Federal Reserve Bank of Atlanta.
    • Handle: RePEc:fip:fedadr:87817
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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. Briglevics, Tamás & Schuh, Scott, 2014. "This is what's in your wallet... and how you use it," Working Paper Series 1684, European Central Bank.
    3. Marco Angrisani & Kevin Foster & Marcin Hitczenko, 2016. "The 2014 survey of consumer payment choice: technical appendix," Research Data Report 16-4, Federal Reserve Bank of Boston.
    4. Marco Angrisani & Kevin Foster & Marcin Hitczenko, 2017. "The 2012 diary of consumer payment choice: technical appendix," Research Data Report 17-5, Federal Reserve Bank of Boston.
    5. Unknown, 2016. "Department Publications 2014," Publications Lists 239845, University of Minnesota, Department of Applied Economics.
    6. Marco Angrisani & Kevin Foster & Marcin Hitczenko, 2018. "The 2015 and 2016 diaries of consumer payment choice: technical appendix," Research Data Report 18-2, Federal Reserve Bank of Boston.
    7. Claire Greene & Scott Schuh, 2017. "The 2016 Diary of Consumer Payment Choice," Research Data Report 17-7, Federal Reserve Bank of Boston.
    8. Marco Angrisani & Kevin Foster & Marcin Hitczenko, 2017. "The 2015 Survey of Consumer Payment Choice: technical appendix," Research Data Report 17-4, Federal Reserve Bank of Boston.
    9. Judson, Ruth, 2017. "The Death of Cash? Not So Fast: Demand for U.S. Currency at Home and Abroad, 1990-2016," International Cash Conference 2017 – War on Cash: Is there a Future for Cash? 162910, Deutsche Bundesbank.
    10. Cohen, Michael & Rysman, Marc, 2012. "Payment Choice with Consumer Panel Data," Working Paper series 148348, University of Connecticut, Charles J. Zwick Center for Food and Resource Policy.
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    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. Greene, Claire & Prescott, Brian & Shy, Oz, 2022. "How people pay each other: Data, theory, and calibrations," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 96(C).
    3. Claire Greene & Marcin Hitczenko & Brian Prescott & Oz Shy, 2020. "U.S. Consumers' Use of Personal Checks: Evidence from a Diary Survey," Consumer Payments Research Data Reports 2020-1, Federal Reserve Bank of Atlanta.
    4. 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.
    5. Claire Greene & Scott Schuh, 2017. "The 2016 Diary of Consumer Payment Choice," Research Data Report 17-7, Federal Reserve Bank of Boston.

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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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