2020 Diary of Consumer Payment Choice

Claire Greene and Joanna Stavins

No 2021-02, Consumer Payments Research Data Reports from Federal Reserve Bank of Atlanta

Abstract: This paper describes key results from the 2020 Diary of Consumer Payment Choice (DCPC), the seventh in a series of diary surveys that measure payment behavior through the daily recording of consumer spending and payments in the United States. The DCPC is the only diary survey of US consumer payments with data and results that are available to the public free of charge. In October 2020, US consumers made most of their payments with debit cards, credit cards, and cash. Together, they accounted for three-quarters of all payments by number and one-third by value. In the pandemic year 2020, consumers’ mix of payments changed. Total number of payments in the month declined from 39 in 2019 to 35 in 2020, with purchases declining from 31 in 2019 to 26.1 in 2020. The number of bills paid was stable at 8.4. Online or mobile purchases of goods and services increased from 17 percent of all purchases in 2019 to 24 percent in 2020 (as a share of both in-person and not-inperson purchases). Of purchases not made in person, four in 10 were accomplished via a mobile phone. US consumers generally held more cash in 2020 compared to 2019. The average holding on person was $76.

Keywords: cash; checks; checking accounts; debit cards; credit cards; prepaid cards; electronic payments; payment preferences (search for similar items in EconPapers)
JEL-codes: D12 D14 E42 (search for similar items in EconPapers)
Pages: 18
Date: 2021-05-07
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedadr:99822

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DOI: 10.29338/rdr2021-02

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