Trends and preferences in consumer payments: updates from the visa payment panel study

Susan Herbst-Murphy

No 15-2, Consumer Finance Institute discussion papers from Federal Reserve Bank of Philadelphia

Abstract: Michael Marx, senior director, Visa Research Insights, conducted a workshop in 2009 at the Payment Cards Center (PCC) as the economy was emerging from a recession. At that time, it appeared that the recession had affected consumer payment preferences, especially those related to cash and credit cards. To get an update on consumers? use of the various payment methods, the PCC invited Marx to facilitate another workshop in 2014. More recent findings from the Visa Payment Panel Study reveal declines in cash use ? a return to the long-term trend ? and increases in credit card use, perhaps signaling some return of confidence among consumers. Check use continued its unbroken long-term decline, and debit card growth has slowed. Private label cards have also registered a steady decline in their share of spending volume for a number of years. Their revolving credit utility, however, remains consequential in financing consumer purchases.

Keywords: Consumer payments; Electronic payments; Private label credit (search for similar items in EconPapers)
JEL-codes: D1 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2015-07-03
New Economics Papers: this item is included in nep-ban, nep-mac, nep-mkt and nep-pay
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Citations: View citations in EconPapers (2)

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