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Consumer Payment Preferences and the Impact of Technology and Regulation: Insights from the Visa Payment Panel Study

Tom Akana ()
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Tom Akana: Federal Reserve Bank of Philadelphia, https://philadelphiafed.org/consumer-finance-institute/researchers/tom-akana

No 19-1, Consumer Finance Institute discussion papers from Federal Reserve Bank of Philadelphia

Abstract: The Consumer Finance Institute hosted a workshop in August 2018 featuring Michael Marx, senior director at Visa, Inc., to discuss recent data from the Visa Payment Panel, highlighting the evolution of consumer payment preferences since the Great Recession and the passage of the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009. A number of intriguing trends were discussed. Debit card adoption and growth have shown signs of slowing, even as regulatory changes have increased its prevalence recently among younger consumers. Credit card usage continues to grow and has shifted largely to rewards-based products. Payment preferences for younger consumers appear to be influenced by the availability of financial products (driven by social and regulatory influences) as well as the advent of mobile wallets and person-to-person (P2P) technologies. This paper summarizes Marx’s presentation along with additional research.

Keywords: Consumer payments; credit cards; debit cards; P2P; CARD Act (search for similar items in EconPapers)
JEL-codes: D14 G28 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban, nep-mkt and nep-pay
Date: 2019-07-02
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DOI: 10.21799/frbp.dp.2019.01

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