Share these talks and lectures with your colleagues
Invite colleaguesPractice paper
Can cash and mobile pay co-exist? What the data tell us
Journal of Payments Strategy & Systems,
18
(3),
309-318
(2024)
Abstract
As US consumers increasingly turn to multiple financial institutions, multiple FinTech providers and multiple payment apps, getting a full picture of the consumer’s wallet is rare. Drawing on data collected through the Survey and Diary of Consumer Payment Choice — a representative survey of US consumers conducted since 2008 — this paper provides insights into US consumers’ adoption of bank accounts and payment instruments, their recent use of payment instruments, their payment choices for purchases and bills, and the evolution in their practices over the last decade of innovation in payments.
Keywords: mobile payments; cash; consumer data; consumer behaviour; card data; payment apps
The full article is available to subscribers to the journal.
Author's Biography
Kevin Foster is a survey director in the Economic Survey Research Center at the Federal Reserve Bank of Atlanta. He designs and analyses the Survey and Diary of Consumer Payment Choice, the Business Inflation Expectations survey, and the Survey of Business Uncertainty. The latter two surveys contribute directly to monetary policy decision-making at the Atlanta Fed. Kevin has been leading survey efforts in the Federal Reserve System, and before that at the US Census Bureau, since 2004.
Claire Greene is a center director in the Research Department at the Federal Reserve Bank of Atlanta. She works on the Survey and Diary of Consumer Payment Choice and the Federal Reserve Payments Study. Before joining the Atlanta Fed, she focused on consumer payments research at the Federal Reserve Bank of Boston.
Joanna Stavins is a senior economist and policy adviser at the Federal Reserve Bank of Boston. Her research and policy work focus on understanding consumer payment behaviour. Her research has been published in several academic journals. Stavins has served as an economic adviser to various payments groups within and outside the Federal Reserve System and has worked on several Federal Reserve policy initiatives related to payments. She earned her BA and PhD in economics from Harvard University.
