How Consumers Get Cash: Evidence from a Diary Survey
Most research on payment instruments focuses on how consumers pay or spend their money using a wide variety of payment instruments including cash. This report focuses on the inverse of the question of spending, that is, how do consumers obtain cash? Data from the 2017 Diary of Consumer Payment Choice shows that, over a three-day period, about 21 percent of survey respondents get cash via various methods, such as getting cash from a family member or friend, using an ATM, getting cash back at retail, visiting a bank teller, etc. We find that consumers mostly get cash from family and friends, ...
Changes in U.S. Payments Fraud from 2012 to 2016: Evidence from the Federal Reserve Payments Study
This report provides aggregate estimates of payments fraud totals and rates for general-purpose credit and debit card (including non-prepaid and prepaid debit card), ACH, and check transactions—the core non-cash payment types used for everyday payments and settlements by consumers and businesses. For cards, further breakouts of payments fraud—such as card type, payment channel, and authentication method—are provided. ACH fraud is broken out into ACH credit and ACH debit fraud.
The 2017 Diary of Consumer Payment Choice
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 ...
Consumer Behavior in a Health Crisis: What Happened with Cash?
In the United States, COVID-19 cases and currency in circulation both surged in March 2020. Did consumer choice play a role in the increase in currency in circulation? With fewer opportunities to shop and pay in person, why would consumers hold more cash? Data from the fall 2019 Survey and Diary of Consumer Payment Choice and interim rapid-response surveys in spring and late summer 2020 give some insights into consumer cash holdings and payments behavior.
The story of a sausage business
By mixing together funding sources, a fast-growing smokehouse tripled its space, creating jobs and opportunity for Vermont farmers.
The 2012 diary of consumer payment choice
This paper describes the results, content, and methodology of the 2012 Diary of Consumer Payment Choice (DCPC), the first edition of a survey that measures payment behavior through the daily recording of U.S. consumers? spending by type of payment instrument. A diary makes it possible to collect detailed information on individual payments, including dollar amount, device (if any) used to make the payment (computer, mobile phone, etc.), and payee type (business, person, government). This edition of the DCPC included about 2,500 participants and was conducted in October 2012. During that month, ...
Delivering Benefits of Faster Payments to the Underserved
This first article examines the implications of faster payments for cash-flow-constrained consumers.
Financial inclusion and consumer payment choice
This report examines similarities and differences among three groups of consumers: those without a checking or savings account (unbanked), bank account adopters who have used alternative financial services (AFS) in the past 12 months (underbanked), and bank account adopters who did not use AFS in the past 12 months (fully banked). Consumers in the three groups have different demographic characteristics, income, and payment behaviors: ?The payment behavior of the underbanked is similar to that of the fully banked. ?Unbanked consumers make fewer payments per month than the fully banked and the ...
Did the Target data breach change consumer assessments of payment card security?
Previous research has found that perceptions of payment security affect consumers? use of payment instruments. We test whether the Target data breach in 2013 was associated with a change in consumers? perceptions of the security of credit cards and debit cards and with subsequent changes in consumers? use of payment cards. Using data from the Survey of Consumer Payment Choice (SCPC), we find that, controlling for possible confounding effects of demographic differences between the two groups, ratings by consumers who assessed the security of personal information of debit cards shortly after ...
U. S. consumer cash use, 2012 and 2015: an introduction to the Diary of Consumer Payment Choice
U.S. consumer cash payments averaged 26 percent of all U.S. consumer payments by number (volume share) from 2008 to 2015, according to the Survey of Consumer Payment Choice (SCPC), and were essentially unchanged between 2012 and 2015. New estimates from the Diary of Consumer Payment Choice (DCPC) show that the volume share of consumer cash payments is higher than estimated in the SCPC and suggest that the cash volume share was 8 percentage points lower in 2015 than in 2012. The DCPC most likely does not provide an accurate estimate of the actual change in the cash volume share, however, due ...