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03/23/2014

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Survey
 
of
 
Consumer
 
Payment
 
Choice.
 
Version
 
of
 
 January
 
2010.
 
©2008
2010
 
Federal
 
Reserve
 
Bank
 
of
 
Boston.
 
No.
 
09
10
 
The
 
2008
 
Survey
 
of
 
Consumer
 
Payment
 
Choice
 
Kevin
 
Foster,
 
Erik
 
Meijer,
 
Scott
 
Schuh,
 
and
 
Michael
 
A.
 
Zabek
 
Abstract:
 
This
 
paper
 
presents
 
the
 
2008
 
version
 
of
 
the
 
Survey
 
of
 
Consumer
 
Payment
 
Choice
 
(SCPC),
 
a
 
nationally
 
representative
 
survey
 
developed
 
 by
 
the
 
Consumer
 
Payments
 
Research
 
Center
 
of
 
the
 
Federal
 
Reserve
 
Bank
 
of
 
Boston
 
and
 
implemented
 
 by
 
the
 
RAND
 
Corporation
 
with
 
its
 
American
 
Life
 
Panel.
 
The
 
survey
 
fills
 
a
 
gap
 
in
 
knowledge
 
about
 
the
 
role
 
of
 
consumers
 
in
 
the
 
transformation
 
of
 
payments
 
from
 
paper
 
to
 
electronic
 
 by
 
providing
 
a
 
 broad
 based
 
assessment
 
of
 
U.S.
 
consumers’
 
adoption
 
and
 
use
 
of
 
nine
 
payment
 
instruments,
 
including
 
cash.
 
The
 
average
 
consumer
 
has
 
5.1
 
of
 
the
 
nine
 
instruments,
 
and
 
uses
 
4.2
 
in
 
a
 
typical
 
month.
 
Consumers
 
make
 
53
 
percent
 
of
 
their
 
monthly
 
payments
 
with
 
a
 
payment
 
card
 
(credit,
 
debit,
 
and
 
prepaid).
 
More
 
consumers
 
now
 
have
 
debit
 
cards
 
than
 
credit
 
cards,
 
and
 
consumers
 
use
 
debit
 
cards
 
more
 
often
 
than
 
cash,
 
credit
 
cards,
 
or
 
checks
 
individually.
 
Cash,
 
checks,
 
and
 
other
 
paper
 
instruments
 
are
 
still
 
popular
 
and
 
account
 
for
 
37
 
percent
 
of
 
consumer
 
payments.
 
Most
 
consumers
 
have
 
used
 
newer
 
electronic
 
payments,
 
such
 
as
 
online
 
 banking
 
 bill
 
payment,
 
 but
 
they
 
only
 
account
 
for
 
10
 
percent
 
of
 
consumer
 
payments.
 
Security
 
and
 
ease
 
of
 
use
 
are
 
the
 
characteristics
 
of
 
payment
 
instruments
 
that
 
consumers
 
rate
 
as
 
the
 
most
 
important.
 
JEL
 
Classifications:
 
D12,
 
D14,
 
E42
 
Kevin
 
Foster,
 
Scott
 
Schuh,
 
and
 
Michael
 
A.
 
Zabek
 
are
 
with
 
the
 
Consumer
 
Payments
 
Research
 
Center
 
in
 
the
 
research
 
department
 
of
 
the
 
Federal
 
Reserve
 
Bank
 
of
 
Boston.
 
Kevin
 
Foster
 
is
 
a
 
survey
 
methodologist,
 
Scott
 
Schuh
 
is
 
the
 
director
 
of
 
the
 
Center
 
and
 
a
 
senior
 
economist
 
and
 
policy
 
advisor,
 
and
 
Michael
 
A.
 
Zabek
 
is
 
a
 
senior
 
research
 
assistant.
 
Erik
 
Meijer
 
is
 
an
 
economist
 
with
 
the
 
Roybal
 
Center
 
for
 
Financial
 
Decision
 
Making
 
of
 
the
 
RAND
 
Corporation.
 
Their
 
email
 
addresses,
 
respectively,
 
are
 
kevin.foster@bos.frb.org
 
 ,
 
scott.schuh@bos.frb.org
 
 ,
 
michael.zabek@bos.frb.org
 
 ,
 
and
 
meijer@rand.org.
 
This
 
paper,
 
which
 
may
 
 be
 
revised,
 
is
 
available
 
on
 
the
 
web
 
site
 
of
 
the
 
Federal
 
Reserve
 
Bank
 
of
 
Boston
 
at
 
http://www.bos.frb.org/economic/ppdp/index.htm.
 
The
 
authors
 
thank
 
the
 
executives
 
and
 
staff
 
of
 
the
 
Boston
 
Fed,
 
the
 
employees
 
of
 
the
 
Federal
 
Reserve
 
System,
 
the
 
Roybal
 
Center
 
for
 
Financial
 
Decision
 
Making
 
of
 
RAND
 
Corporation,
 
the
 
Board
 
of
 
Advisors
 
for
 
the
 
Survey
 
of
 
Consumer
 
Payment
 
Choice,
 
individuals
 
from
 
 Javelin
 
Strategy
 
&
 
Research
 
and
 
the
 
staff
 
at
 
the
 
Bank
 
of
 
Canada
 
for
 
providing
 
invaluable
 
assistance
 
and
 
support.
 
Complete
 
and
 
detailed
 
acknowledgments
 
appear
 
on
 
the
 
first
 
page
 
of
 
this
 
paper.
 
The
 
primary
 
authors
 
are
 
responsible
 
for
 
any
 
errors
 
that
 
may
 
remain.
 
The
 
views
 
expressed
 
in
 
this
 
paper
 
are
 
those
 
of
 
the
 
authors
 
and
 
the
 
Federal
 
Reserve
 
Bank
 
of
 
Boston.
 
They
 
do
 
not
 
necessarily
 
represent
 
the
 
views
 
of
 
the
 
other
 
Federal
 
Reserve
 
Banks,
 
the
 
Board
 
of
 
Governors
 
of
 
the
 
Federal
 
Reserve
 
System,
 
or
 
the
 
RAND
 
Corporation.
 
This
 
version:
 
January
 
2010
 
 
Survey
 
of
 
Consumer
 
Payment
 
Choice.
 
Version
 
of
 
 January
 
2010.
 
©2008
2010
 
Federal
 
Reserve
 
Bank
 
of
 
Boston.
 
ii
 
Acknowledgments
 
The
 
SCPC
 
would
 
not
 
have
 
 been
 
possible
 
without
 
the
 
foresight
 
and
 
support
 
of
 
former
 
Federal
 
Reserve
 
Bank
 
President
 
Cathy
 
Minehan—support
 
that
 
has
 
continued
 
and
 
expanded
 
under
 
current
 
President
 
Eric
 
Rosengren.
 
The
 
entire
 
Senior
 
Executive
 
Committee
 
of
 
the
 
Bank
 
has
 
supported
 
the
 
SCPC
 
fully
 
and
 
enthusiastically.
 
Special
 
thanks
 
are
 
due
 
to
 
former
 
Executive
 
Vice
 
President
 
Sally
 
Green
 
and
 
current
 
Executive
 
Vice
 
President
 
 Jeff
 
Fuhrer
 
for
 
establishing
 
and
 
overseeing
 
the
 
Consumer
 
Payments
 
Research
 
Center
 
(originally
 
called
 
the
 
Emerging
 
Payments
 
Research
 
Group),
 
which
 
developed
 
the
 
SCPC
.
 
First
 
Vice
 
President
 
Paul
 
Connolly
 
and
 
Senior
 
Vice
 
President
 
 Jim
 
Cunha
 
also
 
provided
 
invaluable
 
insight,
 
guidance,
 
and
 
support.
 
Senior
 
Vice
 
President
 
Geoff
 
Tootell
 
proposed
 
the
 
original
 
idea
 
of
 
the
 
SCPC
 
and
 
provided
 
the
 
impetus
 
for
 
its
 
development.
 
The
 
original
 
version
 
of
 
the
 
SCPC
 
was
 
developed
 
in
 
2003
 
 by
 
Marques
 
Benton,
 
Krista
 
Blair,
 
Marianne
 
Crowe,
 
and
 
Scott
 
Schuh,
 
a
 
team
 
of
 
Boston
 
Fed
 
staff
 
who
 
implemented
 
the
 
survey
 
with
 
Bank
 
employees
 
as
 
part
 
of
 
a
 
leadership
 
training
 
program.
 
Thanks
 
are
 
due
 
to
 
the
 
Boston
 
Fed
 
employees
 
for
 
supporting
 
and
 
participating
 
in
 
that
 
voluntary
 
effort.
 
Likewise,
 
thanks
 
are
 
due
 
to
 
the
 
employees
 
of
 
the
 
Federal
 
Reserve
 
System
 
for
 
their
 
voluntary
 
participation
 
in
 
the
 
2004
 
Survey
 
implemented
 
 by
 
the
 
same
 
Boston
 
Fed
 
team.
 
A
 
limitation
 
of
 
early
 
versions
 
of
 
the
 
SCPC
 
was
 
their
 
reliance
 
on
 
convenience
 
samples
 
of
 
Federal
 
Reserve
 
System
 
employees.
 
In
 
2006,
 
the
 
AARP
 
and
 
Woelfel
 
Research
 
implemented
 
a
 
revised
 
version
 
of
 
the
 
2004
 
SCPC
 
survey
 
instrument
 
with
 
a
 
random
 
sample
 
of
 
U.S.
 
consumers.
 
The
 
CPRC
 
worked
 
closely
 
with
 
the
 
AARP
 
to
 
revise
 
and
 
improve
 
the
 
survey
 
instrument.
 
We
 
thank
 
S.
 
Kathi
 
Brown,
 
Sharon
 
Hermanson,
 
and
 
the
 
rest
 
of
 
the
 
AARP
 
for
 
their
 
contributions
 
to
 
the
 
SCPC
 
program,
 
and
 
for
 
providing
 
the
 
data
 
from
 
their
 
2006
 
version
 
of
 
the
 
survey.
 
Building
 
on
 
the
 
AARP
 
model
 
and
 
success,
 
the
 
Consumer
 
Payments
 
Research
 
Center
 
undertook
 
a
 
major
 
redesign
 
of
 
the
 
SCPC
 
that
 
was
 
implemented
 
with
 
U.S.
 
consumers
 
in
 
2008.
 
Contributors
 
to
 
the
 
SCPC
 
from
 
the
 
Consumer
 
Payments
 
Research
 
Center
 
were:
 
Krista
 
Becker,
 
Margaret
 
Carten,
 
Charles
 
Choi,
 
Marianne
 
Crowe,
 
David
 
DeRemer,
 
Kevin
 
Foster,
 
Sergei
 
Koulayev,
 
Benjamin
 
Levinger,
 
Nasreen
 
Quibria,
 
Sarojini
 
Rao,
 
Heather
 
Roberts,
 
Scott
 
Schuh
 
(Director),
 
Oz
 
Shy,
 
 Joanna
 
Stavins,
 
Caroline
 
Theoharides,
 
Michael
 
A.
 
Zabek,
 
and
 
 Jeffery
 
Zhang.
 
The
 
Roybal
 
Center
 
for
 
Financial
 
Decision
 
Making
 
of
 
the
 
RAND
 
Corporation
 
worked
 
with
 
the
 
Consumer
 
Payments
 
Research
 
Center
 
to
 
revise
 
and
 
implement
 
the
 
2008
 
SCPC
 
with
 
RAND’s
 
American
 
Life
 
Panel
 
of
 
consumers.
 
Contributors
 
to
 
the
 
SCPC
 
from
 
the
 
Roybal
 
Center
 
for
 
Financial
 
Decision
 
Making
 
were:
 
Sandy
 
Chien,
 
Tim
 
Colvin,
 
 Jeffrey
 
Dominitz,
 
Tania
 
Gutsche,
 
Arie
 
Kapteyn
 
(Director),
 
Erik
 
Meijer,
 
 Julie
 
Newell,
 
Matthias
 
Schonlau,
 
and
 
Albert
 
Weerman.
 
 
 
Survey
 
of
 
Consumer
 
Payment
 
Choice.
 
Version
 
of
 
 January
 
2010.
 
©2008
2010
 
Federal
 
Reserve
 
Bank
 
of
 
Boston.
 
iii
 
The
 
authors
 
of
 
this
 
document
 
thank
 
their
 
colleagues
 
at
 
the
 
Federal
 
Reserve
 
Bank
 
of
 
Boston
 
and
 
RAND
 
Corporation
 
for
 
many
 
helpful
 
comments
 
and
 
suggestions
 
on
 
earlier
 
drafts,
 
as
 
well
 
as
 
for
 
valuable
 
contributions
 
to
 
the
 
construction
 
of
 
the
 
survey
 
and
 
tables.
 
Several
 
employees
 
of
 
the
 
Federal
 
Reserve
 
Bank
 
of
 
Boston
 
made
 
important
 
contributions
 
to
 
the
 
development
 
of
 
the
 
SCPC
.
 
Suzanne
 
Lorant
 
provided
 
excellent
 
editorial
 
services
 
and
 
publication
 
oversight
 
for
 
this
 
document
 
and
 
related
 
publications.
 
Patricia
 
Allousie
 
provided
 
outstanding
 
legal
 
services.
 
David
 
Brown
 
and
 
Marcella
 
Venci
Wiegand
 
provided
 
superlative
 
administrative
 
and
 
analytical
 
services
 
for
 
the
 
pre
2008
 
versions
 
of
 
the
 
SCPC
.
 
Finally,
 
several
 
groups
 
of
 
experts
 
outside
 
of
 
the
 
Boston
 
Fed
 
and
 
RAND
 
made
 
important
 
contributions
 
to
 
the
 
SCPC
.
 
We
 
thank
 
the
 
Board
 
of
 
Advisors
 
of
 
the
 
Survey
 
of 
 
Consumer
 
Payment
 
Choice
 
for
 
providing
 
outstanding
 
advice,
 
insights,
 
guidance,
 
and
 
assistance
 
to
 
the
 
SCPC
 
program,
 
 beginning
 
in
 
2009.
 
(See
 
Appendix
 
C
 
for
 
the
 
list
 
of
 
current
 
Advisory
 
Board
 
members.)
 
We
 
thank
 
Stephen
 
Knighten,
 
Heather
 
Peters,
 
and
 
 James
 
Van
 
Dyke
 
from
 
 Javelin
 
Strategy
 
&
 
Research
 
for
 
reviewing
 
and
 
testing
 
the
 
2008
 
SCPC
 
survey
 
instrument.
 
And
 
we
 
thank
 
Carolos
 
Arango,
 
Lorraine
 
Charboneau,
 
and
 
Varya
 
Taylor
 
from
 
the
 
Bank
 
of
 
Canada
 
for
 
assistance
 
and
 
support.
 

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