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Author:Greene, Claire 

2018 Survey of Consumer Payment Choice

In 2018, U.S. consumers made 72 payments per month on average, not a significant change from 2017.As in 2017, the most frequently used payment instruments were debit cards (34 percent of alltransactions), cash (24 percent), and credit cards (23 percent). Over the 11 years of the survey, debit,cash, and credit have consistently been the most popular ways to pay. For the first time in 2018, debitcards replaced cash as the payment instrument used most frequently for in-person purchases.Some key findings about medium-term trends from 2015 to 2018 include the following:• The share of consumers ...
Consumer Payments Research Data Reports , Paper 2019-2

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, ...
Consumer Payments Research Data Reports , Paper 2019-1

Research on Paying with Cash and Checks

The United States is a land of many firsts: first flight in an airplane (1903). First person on the moon (1969). First email sent (1971). First nation to go fully paperless for payments? Not so likely.
Notes from the Vault

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, ...
Research Data Report , Paper 18-1

Journal Article
Prepaid cards: lots of flavors, not all delicious

Some consumers use prepaid cards like cash?others, in place of a bank account.
Communities and Banking , Issue Fall , Pages 11-13

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.
Reports and Studies

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

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 ...
Research Data Report , Paper 18-3

U.S. consumers' holdings and use of $100 bills

Conventional wisdom asserts that $100 bills are often associated with crime and foreign cash holdings, leading some commentators to call for their elimination; in light of this proposal, it is useful to examine the legal, domestic use of cash. This report uses new data from the 2012 Diary of Consumer Payment Choice (DCPC) to evaluate consumer use of $100 bills as a means of payment.
Research Data Report , Paper 14-3

Working Paper
Personality Traits and Financial Outcomes

The Big Five personality traits—openness to experience, conscientiousness, extroversion, agreeableness, and neuroticism—are widely used in understanding human behavior. Using data collected from a survey and diary of consumer payment choice, we investigate how the Big Five traits affect three financial outcomes: being unbanked, holding a credit card, and carrying credit card debt. Although each personality trait is correlated with each of the financial outcomes we examine, they mostly become statistically insignificant when we control for demographics and income in regressions. Carrying ...
Working Papers , Paper 23-4

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 ...
Research Data Report , Paper 17-6


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