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Payment Instrument Adoption and Use in the United States, 2009-2013, by Consumers' Demographic Characteristics
Previous literature, based on data from a single time period, has shown that consumer payment behavior is correlated with income and demographic characteristics. Using data from five consecutive annual consumer surveys from 2009 to 2013, we confirm a strong cross-sectional relationship between demographics and payment behavior, but we observe few significant changes in payment behavior over the five-year period. This suggests that payment behavior evolves slowly over time. Age, education, and income are especially strongly correlated with both adoption and use of most payment instruments, ...
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Payment instrument adoption and use in the United States, 2009–2013, by consumers' demographic characteristics
Today?s consumer has access to more payment instruments than consumers of just a few years ago. As the number of available payment methods increases, so does the need to understand why consumers adopt certain payment instruments, how consumers choose to pay for purchases, which consumers make certain payments, and who is most affected by changes in the payment system. Previous literature that examined the association between consumer payment behavior and consumer demographic information was based on data from a single time period. This paper contributes to the literature on this topic by ...