Trends and Preferences in Consumer Payments: Updates from the Visa Payment Panel Study

23 Pages Posted: 18 Aug 2015

See all articles by Susan Herbst-Murphy

Susan Herbst-Murphy

Federal Reserve Banks - Payment Cards Center

Multiple version iconThere are 2 versions of this paper

Date Written: 2015-07-03

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

JEL Classification: D1

Suggested Citation

Herbst-Murphy, Susan, Trends and Preferences in Consumer Payments: Updates from the Visa Payment Panel Study (2015-07-03). FRB of Philadelphia Payment Cards Center Discussion Paper No. 15-02. Available at SSRN: https://ssrn.com/abstract=2646081 or http://dx.doi.org/10.2139/ssrn.2646081

Susan Herbst-Murphy (Contact Author)

Federal Reserve Banks - Payment Cards Center ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States

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