IDEAS home Printed from https://ideas.repec.org/p/fip/fedadr/87821.html
   My bibliography  Save this paper

2018 Diary of Consumer Payment Choice

Author

Listed:
  • Claire Greene
  • Joanna Stavins

Abstract

This paper describes key results from the 2018 Diary of Consumer Payment Choice (DCPC), the fifth 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 without a fee. In October 2018, consumers made more payments with debit cards than with any other payment instrument (28 percent of payments). Cash, in all prior diary years the most-used payment instrument, followed with 26 percent of payments. Together with credit cards (23 percent), these instruments accounted for slightly more than three-quarters of the number of payments. By value, electronic payments accounted for 36 percent of the value of total payments, a statistically significant increase from 2017. The value share of payments made with paper instruments continued its steady decline, from 31 percent in 2015 to 23 percent in 2018. The average value of a cash transaction was $21, compared with $206 for the average noncash transaction (and $92 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. "2018 Diary of Consumer Payment Choice," Consumer Payments Research Data Reports 2019-3, Federal Reserve Bank of Atlanta.
    • Handle: RePEc:fip:fedadr:87821
    as

    Download full text from publisher

    File URL: https://www.frbatlanta.org/-/media/documents/banking/consumer-payments/diary-of-consumer-payment-choice/2018/2018-diary-of-consumer-payment-choice.pdf
    File Function: full text
    Download Restriction: no
    ---><---

    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. Claire Greene & Scott Schuh, 2017. "The 2016 Diary of Consumer Payment Choice," Research Data Report 17-7, Federal Reserve Bank of Boston.
    3. Scott Schuh, 2017. "Measuring consumer expenditures with payment diaries," Working Papers 17-2, Federal Reserve Bank of Boston.
    4. 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.
    5. Claire Greene & Scott Schuh & Joanna Stavins, 2018. "The 2012 diary of consumer payment choice," Research Data Report 18-1, Federal Reserve Bank of Boston.
    6. 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.
    7. Claire Greene & Joanna Stavins, 2020. "The 2017 Diary of Consumer Payment Choice," Consumer Payments Research Data Reports 2018-5, Federal Reserve Bank of Atlanta.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. 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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. 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).
    2. Claire Greene & Scott Schuh, 2017. "The 2016 Diary of Consumer Payment Choice," Research Data Report 17-7, Federal Reserve Bank of Boston.
    3. Shy, Oz, 2021. "Cashless stores and cash users," Journal of Policy Modeling, Elsevier, vol. 43(3), pages 622-638.
    4. 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.
    5. Liang Wang & Randall Wright & Lucy Qian Liu, 2020. "Sticky Prices And Costly Credit," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 61(1), pages 37-70, February.
    6. 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.
    7. Shy, Oz, 2020. "How currency denomination and the ATM affect the way we pay," Journal of Economics and Business, Elsevier, vol. 111(C).
    8. Claire Greene & Joanna Stavins, 2020. "The 2017 Diary of Consumer Payment Choice," Consumer Payments Research Data Reports 2018-5, Federal Reserve Bank of Atlanta.
    9. Rodrigo Lluberas, 2014. "How people pay in Uruguay: the role of transaction characteristics," Documentos de trabajo 2014005, Banco Central del Uruguay.
    10. Dalton, Patricio & Pamuk, Haki & Ramrattan, R. & van Soest, Daan & Uras, Burak, 2018. "Payment Technology Adoption and Finance : A Randomized-Controlled-Trial with SMEs," Other publications TiSEM 82d89846-b515-41c7-b431-5, Tilburg University, School of Economics and Management.
    11. Lola Hernandez & Nicole Jonker & Anneke Kosse, 2017. "Cash versus Debit Card: The Role of Budget Control," Journal of Consumer Affairs, Wiley Blackwell, vol. 51(1), pages 91-112, March.
    12. Jonker, Nicole & van der Cruijsen, Carin & Bijlsma, Michiel & Bolt, Wilko, 2022. "Pandemic payment patterns," Journal of Banking & Finance, Elsevier, vol. 143(C).
    13. Joanna Stavins & Huijia Wu, 2017. "Payment discounts and surcharges: the role of consumer preferences," Working Papers 17-4, Federal Reserve Bank of Boston.
    14. Aruoba, S. Boragan & Waller, Christopher J. & Wright, Randall, 2011. "Money and capital," Journal of Monetary Economics, Elsevier, vol. 58(2), pages 98-116, March.
    15. Alberto Di Iorio & Giorgia Rocco, 2022. "Easier said than done: why Italians pay in cash while preferring cashless," Questioni di Economia e Finanza (Occasional Papers) 731, Bank of Italy, Economic Research and International Relations Area.
    16. Vânia G. Silva & Esmeralda A. Ramalho & Carlos R. Vieira, 2017. "The Use of Cheques in the European Union: A Cross-Country Analysis," Open Economies Review, Springer, vol. 28(3), pages 581-602, July.
    17. Roy Verbaan & Wilko Bolt & Carin van der Cruijsen, 2017. "Using debit card payments data for nowcasting Dutch household consumption," DNB Working Papers 571, Netherlands Central Bank, Research Department.
    18. Marc Rysman & Scott Schuh, 2017. "New Innovations in Payments," Innovation Policy and the Economy, University of Chicago Press, vol. 17(1), pages 27-48.
    19. Aurazo Jose & Vasquez Jose, 2019. "Merchant Card Acceptance: An Extension of the Tourist Test for Developing Countries," Review of Network Economics, De Gruyter, vol. 18(2), pages 109-139, June.

    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

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedadr:87821. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Rob Sarwark (email available below). General contact details of provider: https://edirc.repec.org/data/frbatus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.