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2011-12 SCPC Standard Errors Tables Table 1 Current Ownership of Accounts and Account Access Technologies Percentage of consumers 2010ʳ 2011 2012 Deposit and payment accounts Deposit accounts Checking.............................................................................................................. Primary account earns interest........................................................................... Overdraft protection.......................................................................................... Savings................................................................................................................. Traditional or passbook..................................................................................... Money market................................................................................................... With check privileges..................................................................................... 1.4 1.4 1.4 1.7 1.5 1.8 1.8 1.2 0.9 0.7 1.0 1.1 1.5 1.5 1.4 1.4 na na 0.3 1.1 1.1 1.6 1.6 1.4 1.4 na na Nonbank payment accounts Online payment service provider.......................................................................... Amazon payments............................................................................................. Google checkout................................................................................................ Paypal................................................................................................................ Other.................................................................................................................. 1.4 na na na na 1.5 1.0 0.6 1.4 0.4 1.7 1.1 0.6 1.6 0.4 Other accounts Prepaid ................................................................................................................ Prepaid (4 categories)........................................................................................ na 1.6 2.1 1.9 1.5 na 1.6 1.7 1.6 1.3 1.4 1.3 1.4 1.5 1.5 1.3 1.4 1.4 1.1 1.2 1.2 1.3 0.6 1.5 Account access technologies Deposit account access technologies ATM card............................................................................................................. ATM card (no debit feature)............................................................................. Debit card.......................................................................................................... Telephone banking............................................................................................... Online banking..................................................................................................... Mobile banking.................................................................................................... App installed..................................................................................................... Used mobile phone, with or without app........................................................... Check balance or recent transactions with mobile phone............................... Bill pay with mobile phone............................................................................ Receive a text message alert from your bank................................................. Transfer money between two accounts with mobile phone............................ 1.7 1.2 na na na na na na 1.3 1.4 1.3 1.4 1.5 1.4 1.1 1.4 1.3 1.1 1.1 1.0 Information and communication technologies Tablet...................................................................................................................... Mobile phone.......................................................................................................... Smart phone (iPhone, Android, BlackBerry, etc.)................................................ na 0.9 1.6 na 0.8 1.4 Notes: 1–4, 11, 12, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-1 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 2 Historical Ownership of Accounts and Account Access Technologies Percentage of consumers Ever owned 2010ʳ 2011 2012 Deposit and payment accounts Deposit accounts Checking.............................................................................................................. Primary account earns interest.......................................................................... Overdraft protection.......................................................................................... Savings................................................................................................................. Traditional or passbook.................................................................................... Money market................................................................................................... With check privileges.................................................................................... 0.9 0.9 0.9 na na 1.1 1.1 1.5 na 0.5 0.7 0.8 na na 1.0 1.0 na na 0.3 0.8 0.9 na na 1.2 1.2 na na Nonbank payment accounts Online payment service provider......................................................................... Amazon payments............................................................................................. Google checkout............................................................................................... Paypal............................................................................................................... Other................................................................................................................. na na na na na na na na na na na na na na na na na na Other accounts Prepaid ................................................................................................................ Prepaid (4 categories)....................................................................................... na na 1.8 na 1.8 2.0 na 1.3 na 1.1 1.6 1.3 1.1 1.5 1.2 1.5 1.4 1.5 1.4 1.6 1.6 1.4 1.4 1.4 na 0.4 na Account access technologies Deposit account access technologies ATM card............................................................................................................ ATM card (no debit feature)............................................................................. Debit card......................................................................................................... Telephone banking............................................................................................... Online banking..................................................................................................... Mobile banking.................................................................................................... App installed..................................................................................................... Used mobile phone, with or without app.......................................................... Check balance or recent transactions with mobile phone............................... Bill pay with mobile phone............................................................................ Receive a text message alert from your bank................................................. Transfer money between two accounts with mobile phone............................ 1.5 1.4 na na na na na na 1.1 1.4 1.2 1.5 1.4 1.5 1.2 1.5 1.5 1.4 1.2 1.2 Information and communication technologies Tablet...................................................................................................................... Mobile phone.......................................................................................................... Smart phone (iPhone, Android, BlackBerry, etc.)............................................... na na na na 0.5 na Notes: 1–4, 8, 11, 12, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-2 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 3 Discarding of Accounts and Account Access Technologies Percentage of consumers Discarded 2010ʳ 2011 2012 Deposit and payment accounts Deposit accounts Checking.............................................................................................................. Primary account earns interest.......................................................................... Overdraft protection.......................................................................................... Savings................................................................................................................. Traditional or passbook.................................................................................... Money market................................................................................................... With check privileges.................................................................................... 1.1 1.2 1.2 na na 1.6 1.6 1.0 na 0.4 0.8 0.8 na na 1.2 1.2 na na 0.2 0.7 0.8 na na 1.0 1.0 na na Nonbank payment accounts Online payment service provider......................................................................... Amazon payments............................................................................................. Google checkout............................................................................................... Paypal............................................................................................................... Other................................................................................................................. na na na na na na na na na na na na na na na Other accounts Prepaid ................................................................................................................ Prepaid (4 categories)....................................................................................... na 1.4 1.8 1.9 1.3 na 1.3 1.6 0.8 1.3 0.8 0.9 0.6 0.8 0.5 0.8 0.8 0.8 0.7 0.5 na 0.5 na Account access technologies Deposit account access technologies ATM card............................................................................................................ ATM card (no debit feature)............................................................................. Debit card......................................................................................................... Telephone banking............................................................................................... Online banking..................................................................................................... Mobile banking.................................................................................................... App installed..................................................................................................... Used mobile phone, with or without app.......................................................... Check balance or recent transactions with mobile phone............................... Bill pay with mobile phone............................................................................ Receive a text message alert from your bank................................................. Transfer money between two accounts with mobile phone............................ na 1.2 0.5 na na na na na na 0.9 1.2 0.8 0.9 0.8 0.6 0.3 0.7 0.7 0.7 0.4 0.2 Information and communication technologies Tablet...................................................................................................................... Mobile phone.......................................................................................................... Smart phone (iPhone, Android, BlackBerry, etc.)............................................... na na na na 0.7 na Notes: 1–4, 9, 11, 12, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-3 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 4 Primary Bank Account Holdings, by Type of Deposit Account and Financial Institution Percentage of consumers 2010ʳ 2011 2012 Primary checking account Commercial bank..................................................................................................... Savings and loan...................................................................................................... Credit union............................................................................................................. Brokerage................................................................................................................. Internet bank............................................................................................................ Other........................................................................................................................ 1.8 1.0 1.2 0.2 0.2 0.7 1.5 0.7 1.1 0.2 0.3 0.5 1.5 0.8 1.2 0.1 0.2 0.3 Primary savings account Commercial bank..................................................................................................... Savings and loan...................................................................................................... Credit union............................................................................................................. Brokerage................................................................................................................. Internet bank............................................................................................................ Other........................................................................................................................ 1.5 0.7 1.3 0.2 0.3 0.6 1.4 0.6 1.1 0.2 0.4 0.4 1.4 0.7 1.2 0.3 0.5 0.2 Percentage of account adopters* 2010ʳ 2011 2012 Primary checking account Commercial bank..................................................................................................... Savings and loan...................................................................................................... Credit union............................................................................................................. Brokerage................................................................................................................. Internet bank............................................................................................................ Other........................................................................................................................ 1.6 1.1 1.3 0.3 0.3 0.8 1.4 0.7 1.2 0.2 0.4 0.6 1.5 0.9 1.3 0.1 0.3 0.3 Primary savings account Commercial bank..................................................................................................... Savings and loan...................................................................................................... Credit union............................................................................................................. Brokerage................................................................................................................. Internet bank............................................................................................................ Other........................................................................................................................ 1.9 1.1 1.8 0.4 0.4 0.9 1.6 0.8 1.5 0.3 0.6 0.5 1.6 1.0 1.6 0.4 0.6 0.3 * Adopters are respondents who have identified themselves as owning and/or using that type of account. For example, 1.5% of checking account adopters identified "commercial bank" as the location of their primary checking account in 2012. Notes: 1–4. Survey of Consumer Payment Choice Version of October 2014 T-4 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 5 Current Adoption of Payment Instruments, by Type of Asset or Liability Percentage of consumers Assets Money (M1)* Cash (currency).................................................................................................... Travelers check Demand deposit accounts, consumer Checks............................................................................................................... Personal.......................................................................................................... Certified...................................................................................................... Debit card.......................................................................................................... Online banking bill payment............................................................................. Bank account number payment......................................................................... Other deposit accounts......................................................................................... Cashier's check.................................................................................................. Other (unknown/unspecified) Direct deduction from income Money order......................................................................................................... Prepaid................................................................................................................. Liabilities Credit or charge card............................................................................................... Credit.................................................................................................................... Charge.................................................................................................................. Text/SMS mobile payment...................................................................................... 2010ʳ 2011 2012 0.0 0.0 0.7 1.1 1.6 1.6 na 1.6 1.7 1.8 0.0 0.2 0.4 0.9 1.3 1.3 na 1.3 1.5 1.5 0.0 0.0 0.3 0.7 1.3 1.3 0.6 1.3 1.5 1.5 na 1.7 1.2 1.5 1.6 na 1.4 1.3 1.3 2.1 0.8 1.4 1.1 1.4 1.5 1.8 1.8 1.1 0.6 1.5 1.5 0.7 0.5 1.5 1.5 0.9 0.6 * For M1 official definition, see Federal Reserve Statistical Release H.6. Notes: 1–4, 7, 14. Survey of Consumer Payment Choice Version of October 2014 T-5 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 6 Current Adoption of Payment Instruments, by Form of Instrument and Other Means of Payment Percentage of consumers 2010ʳ 2011 2012 Paper instruments Cash......................................................................................................................... Checks..................................................................................................................... Certified check..................................................................................................... Cash and check substitutes...................................................................................... Money order......................................................................................................... Travelers check.................................................................................................... Cashier's check..................................................................................................... 0.0 0.0 1.6 na 1.6 1.5 0.7 na 0.2 0.2 1.3 na 1.3 1.3 0.4 na 0.0 0.0 1.3 0.6 1.4 1.4 0.3 0.8 Payment cards Payment cards (4 categories) Debit........................................................................................................................ Credit or charge card............................................................................................... Credit.................................................................................................................... Charge ................................................................................................................. Prepaid ................................................................................................................... Prepaid (4 categories)........................................................................................... na 1.4 1.6 1.8 1.8 1.1 na 1.6 1.2 1.2 1.3 1.5 1.5 0.7 2.1 1.9 0.6 na 1.3 1.5 1.5 0.9 1.5 na Electronic payments Online banking bill payment................................................................................... Bank account number payment............................................................................... 1.7 1.7 1.8 1.4 1.5 1.5 1.4 1.5 1.5 Other means of payment Direct deduction from income................................................................................. 1.2 1.3 1.1 Notes: 1–4, 7, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-6 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 7 Historical Adoption of Payment Instruments, by Form of Instrument and Other Means of Payment Percentage of consumers Ever adopted 2010ʳ 2011 2012 Paper instruments Cash......................................................................................................................... Checks..................................................................................................................... Certified check..................................................................................................... Cash and check substitutes...................................................................................... Money order......................................................................................................... Travelers check.................................................................................................... Cashier's check..................................................................................................... na na na na na na na na na 1.4 1.8 na 1.3 na na 1.3 na na Payment cards Payment cards (4 categories) Debit........................................................................................................................ Credit or charge card............................................................................................... Credit.................................................................................................................... Charge.................................................................................................................. Prepaid.................................................................................................................... Prepaid (4 categories)........................................................................................... 1.3 1.6 na na na 1.8 1.2 1.3 na na 1.8 2.0 1.2 1.3 na na 1.3 na Electronic payments Online banking bill payment................................................................................... Bank account number payment............................................................................... 1.8 na 1.5 na 1.5 na Other means of payment Direct deduction from income................................................................................. na na na Notes: 1–4, 7, 8, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-7 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 8 Discarding of Payment Instruments, by Form of Instrument and Other Means of Payment Percentage of consumers Discarded 2010ʳ 2011 2012 Paper instruments Cash......................................................................................................................... Checks..................................................................................................................... Certified check..................................................................................................... Cash and check substitutes...................................................................................... Money order......................................................................................................... Travelers check.................................................................................................... Cashier's check..................................................................................................... na na na na 1.7 1.7 na na na na na 1.5 na na na na na na 1.5 na na Payment cards Payment cards (4 categories) Debit........................................................................................................................ Credit or charge card............................................................................................... Credit.................................................................................................................... Charge.................................................................................................................. Prepaid.................................................................................................................... Prepaid (4 categories)........................................................................................... 1.2 1.5 na na na 1.4 0.8 1.1 na na 1.8 1.9 0.8 1.1 na na 1.3 na Electronic payments Online banking bill payment................................................................................... Bank account number payment............................................................................... 1.0 na 0.9 na 0.7 na Other means of payment Direct deduction from income................................................................................. na na na Notes: 1–4, 9, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-8 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 9 Current Adoption of Debit, Credit, and Charge Cards, by Instrument Type and Features Percentage of consumers 2010ʳ 2011 2012 Debit cards Rewards................................................................................................................... Nonrewards............................................................................................................. Contactless.............................................................................................................. 1.6 na na 1.3 1.3 na na 1.0 1.3 1.3 na 0.9 Credit cards or charge cards Rewards................................................................................................................... Nonrewards............................................................................................................. 1.8 1.8 1.6 1.5 1.5 1.4 1.5 1.5 1.5 Credit Rewards................................................................................................................ Nonrewards.......................................................................................................... Contactless........................................................................................................... 1.8 1.7 1.6 1.0 1.5 1.5 1.4 0.7 1.5 1.5 1.5 0.9 General purpose................................................................................................... Visa, MasterCard, Discover ............................................................................. American Express ............................................................................................. Rewards............................................................................................................. Nonrewards....................................................................................................... Company or store branded .................................................................................. Rewards............................................................................................................. Nonrewards....................................................................................................... 1.8 na na 1.7 1.5 na 1.3 1.3 1.5 1.5 0.8 1.4 1.3 1.4 1.1 1.1 1.5 1.5 0.9 1.5 1.3 1.5 1.2 1.2 Charge Rewards................................................................................................................ Nonrewards.......................................................................................................... American Express charge cards............................................................................ Rewards............................................................................................................. Nonrewards....................................................................................................... Diners Club or other charge cards........................................................................ Rewards............................................................................................................. Nonrewards....................................................................................................... 1.1 0.8 0.6 0.7 0.6 0.4 0.7 0.6 0.3 0.3 0.1 0.2 0.9 0.7 0.3 0.8 0.6 0.2 0.5 0.3 0.2 na na na na na Notes: 1–4, 10. Survey of Consumer Payment Choice Version of October 2014 T-9 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 10 Current Adoption of Prepaid Cards and Contactless Technologies, by Instrument Type and Features Percentage of consumers 2010ʳ 2011 2012 Prepaid cards (4 categories) Contactless............................................................................................................... General purpose....................................................................................................... Merchant specific..................................................................................................... Payroll...................................................................................................................... Government issued................................................................................................... 1.6 0.8 1.5 1.2 0.7 0.8 1.9 0.9 1.0 1.3 0.7 0.9 na na na na na na Prepaid cards (12 or 13 categories) Contactless............................................................................................................... Government related Direct express card................................................................................................ Electronic benefits transfer (EBT) card................................................................ Public transportation card..................................................................................... Other federal, state, or local government benefit card.......................................... Employer related Payroll card........................................................................................................... Incentive card........................................................................................................ Benefit card........................................................................................................... Other Gift card................................................................................................................ Phone card............................................................................................................. Remittance card..................................................................................................... Rebate card........................................................................................................... Location specific card........................................................................................... Other general purpose card................................................................................... na na na na na na na na na na na na na na na na na na 2.1 0.6 0.9 1.0 1.5 0.9 na 0.7 0.4 0.2 1.1 2.0 1.9 0.9 0.2 0.8 0.4 1.2 1.5 0.7 1.2 0.5 1.1 0.9 0.5 1.0 0.5 0.5 0.9 1.5 1.4 0.7 0.3 0.8 0.5 0.9 Contactless Technologies Any payment card.................................................................................................... Electronic toll payment............................................................................................ Key fob.................................................................................................................... Mobile phone*......................................................................................................... 1.6 na 1.2 0.3 0.3 1.7 1.2 0.8 0.4 0.4 1.3 1.2 0.8 0.4 0.3 * Adoption means the consumer used the instrument in a given year. Notes: 1–4, 7, 13, 14. Survey of Consumer Payment Choice Version of October 2014 T-10 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 11 Number of Adopted Accounts and Payment Cards Mean number per adopter* 2010ʳ 2011 2012 Deposit accounts Checking................................................................................................................. Savings.................................................................................................................... Traditional or passbook........................................................................................ Money market...................................................................................................... 0.1 0.0 0.0 0.0 0.0 0.1 0.0 0.0 na na 0.1 0.0 0.0 na na Nonbank payment accounts Online payment service provider............................................................................. 0.1 na na ATM and debit cards ATM........................................................................................................................ Debit........................................................................................................................ 0.0 0.0 0.1 0.0 0.0 0.0 Credit cards Rewards................................................................................................................... Nonrewards............................................................................................................. 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 General purpose ..................................................................................................... Rewards................................................................................................................ Nonrewards.......................................................................................................... 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.1 0.1 Charge .................................................................................................................... Rewards................................................................................................................ Nonrewards.......................................................................................................... 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Branded .................................................................................................................. Rewards................................................................................................................ Nonrewards.......................................................................................................... 0.1 0.0 0.1 0.1 0.0 0.0 0.1 0.0 0.1 na 0.4 0.1 Prepaid cards * Bold-face numbers are per adopter of the instrument. The denominator for each of the subcategories is the number of adopters of the bold-faced instrument. Notes: 1–4, 7, 10, 14. Survey of Consumer Payment Choice Version of October 2014 T-11 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 12 Mean Number of Payment Instruments Adopted by Account and Payment Instrument Adopters 2010ʳ 2011 2012 9 9 9 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 Deposit account non-adopters 0.2 0.1 0.1 Deposit account adopters Checking and savings account adopters............................................................... Checking account adopters, no savings................................................................ Savings account adopters, no checking................................................................ 0.0 0.0 0.1 s 0.0 0.0 0.1 s 0.0 0.0 0.1 s Paper instrument adopters Cash adopters....................................................................................................... Check adopters..................................................................................................... Money order adopters.......................................................................................... Travelers check adopters...................................................................................... 0.1 0.1 0.0 0.2 0.1 0.1 0.1 0.0 0.1 0.2 0.1 0.1 0.0 0.1 s Payment card adopters Debit adopters...................................................................................................... Credit adopters..................................................................................................... Prepaid adopters................................................................................................... 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.0 0.1 Electronic payment adopters Online banking bill payment adopters.................................................................. Bank account number payment adopters.............................................................. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Available number of payment instruments Total (all consumers) Paper instruments.................................................................................................... Card instruments...................................................................................................... Electronic instruments............................................................................................. Notes: 1, 3, 4, 6, 7, 14, 17. Survey of Consumer Payment Choice Version of October 2014 T-12 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 13 Cash and Prepaid Card Holdings and Prepaid Card Reloadings Dollars per consumer, except as noted 2010ʳ Mean 2011 Median 2010ʳ 2011 2012 Cash holdings On person.......................................................................................... On property....................................................................................... 50 4 49 29 4 30 78 8 79 6 1 3 5 2 2 5 2 3 Excluding large-value holdings*....................................................... On person....................................................................................... On property.................................................................................... 6 2 6 7 2 6 8 2 7 5 1 1 5 1 1 4 1 2 Prepaid card holdings, adopters† 51 133 37 6 7 8 Prepaid card reloading Percentage of consumers reloading prepaid cards............................. Dollar amount per reloading, reloaders only..................................... Number of reloads per month, reloaders only................................... 0.9 10 na 1.1 25 0.1 1.0 45 0.2 — 7 na — 5 0.3 — 6 0.2 2012 * Estimates are for the sub-sample of respondents with cash holdings of less than or equal to the 95th percentile (approximately $1,200 for total, $260 for on person, and $1,000 on property in 2010; $1,245 for total, $265 for on person, and $1,000 on property in 2011; and $1,524 for total, $265 for on person, and $1,200 on property in 2012. † In 2010, the distribution of values has a thick right tail, and the estimate reported is based on all observations below the 90th percentile, or $6,000. Notes: 1–4. Survey of Consumer Payment Choice Version of October 2014 T-13 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 14 Cash Holdings, by Adoption of Deposit Accounts and Payment Instruments Dollars per consumer* Mean Adopters 2010ʳ 2011 2012 2010ʳ Median 2011 2012 Deposit account On person................................................................................. On property.............................................................................. 47 4 47 32 4 32 84 4 86 7 1 3 6 2 2 7 2 4 ATM or debit card On person................................................................................. On property.............................................................................. 27 3 28 32 4 32 87 4 89 6 1 2 4 1 2 5 2 3 Credit card On person................................................................................. On property.............................................................................. 61 5 60 38 4 39 44 10 43 5 3 3 6 2 3 7 3 3 Prepaid card On person................................................................................. On property.............................................................................. na na 37 10 37 54 6 55 na na na 10 4 3 10 3 5 Money order On person................................................................................. On property.............................................................................. 166 13 166 69 31 61 8 3 3 2010ʳ 2012 2010ʳ 12 4 3 Median 2011 14 5 5 Nonadopters 88 10 89 Mean 2011 2012 Deposit account On person................................................................................. On property.............................................................................. s s s 30 11 26 145 90 117 s s s 5 2 2 22 9 12 ATM or debit card On person................................................................................. On property.............................................................................. 260 20 257 73 14 77 177 42 177 20 7 10 27 8 4 33 7 12 Credit card On person................................................................................. On property.............................................................................. 86 9 83 38 10 35 256 7 265 6 2 1 6 2 1 6 3 1 Prepaid card On person................................................................................. On property.............................................................................. na na na 91 8 93 152 14 156 na na na 13 4 2 6 4 2 Money order On person................................................................................. On property.............................................................................. 41 4 40 28 4 28 98 4 100 9 2 3 6 2 2 5 2 3 * "On person" is defined as cash held in the respondent's wallet, purse, and/or pocket. "On property" is defined as cash held elsewhere by the respondent (in the respondent's home, car, office, etc.) instead of on person. Notes: 1–5, 7, 14, 17. Survey of Consumer Payment Choice Version of October 2014 T-14 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 15 Cash Withdrawals, Total and at Most Frequented Location Dollars per consumer per location, except as noted* 2010ʳ 30 7 0.2 Mean 2011 28 6 0.2 2012 47 6 0.4 2010ʳ 14 4 0 Median 2011 15 5 0 2012 15 6 0 Most frequent location per month Amount per withdrawal........................................................ Withdrawals (number per month)......................................... 26 8 0.2 25 6 0.2 29 6 0.2 7 4 0.2 16 10 0.2 14 9 0.2 All other locations per month Amount per withdrawal........................................................ Withdrawals (number per month)......................................... 11 5 0.1 11 4 0.1 26 5 0.2 2 3 0 3.0 2 0.0 2.1 2 0.0 At Most Frequented Location 2010ʳ Mean 2011 2012 2010ʳ Median 2011 2012 ATM per month Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 15 6 0 28 4 0.3 39 5 0.3 8 4 0 16 4 0.2 16 5 0.2 Bank teller per month Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 33 11 0 53 15 0.2 51 15 0.3 34 10 0 25 10 0.1 49 12 0.2 Check cashing store per month Amount per withdrawal........................................................... Withdrawals (number per month)............................................ s s s s s s s s s s s s s s s s s Retail or grocery store per month Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 13 2 0 12 2 0.4 10 2 0.3 6 3 0 4 4 0.3 8 3 0.2 Employer per month Amount per withdrawal........................................................... Withdrawals (number per month)............................................ s s s s s s 232 37 1.1 s s s s s s 282 39 0.9 Family or friend per month Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 94 17 1 34 16 0.7 180 8 2.3 17 5 1 18 6 0.2 17 8 0.3 Other per month Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 86 41 0.8 339 44 2.0 281 24 2.0 145 31 0.8 124 32 0.7 158 21 0.6 Total Cash withdrawals per month† Amount per withdrawal........................................................... Withdrawals (number per month)............................................ * The amount for each location is the dollar amount of withdrawals at that location only by consumers who named that location as their most frequent location. Amount withdrawn per month is obtained from the amount per withdrawal times the number of withdrawals, calculated for each consumer. † Cash withdrawals per month is the withdrawal-weighted average of typical amounts per withdrawal from the primary and all other locations. Notes: 1, 4, 5, 17. Survey of Consumer Payment Choice Version of October 2014 T-15 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 16 Cash Withdrawal Preferences, by Location and Method Percentage of consumers Total Cash withdrawals (monthly)....................................................... Cash withdrawals (annually)....................................................... Most Frequented Location ATM........................................................................................... Bank teller.................................................................................. Check cashing store.................................................................... Retail or grocery store................................................................ Employer.................................................................................... Family or friend.......................................................................... Other........................................................................................... Most Frequent Method, by Location ATM Debit card................................................................................ ATM card................................................................................ Prepaid card............................................................................. Credit card cash advance......................................................... Other type of card.................................................................... Retail store Debit card................................................................................ Write a check........................................................................... Prepaid card............................................................................. Other method........................................................................... 2010ʳ Mean 2011 0.7 0.4 Mean 2011 1.5 1.2 0.5 0.8 0.6 0.8 0.6 Mean 2011 na na na na na na na na na na 2.0 1.6 1.4 0.2 0.7 na na na na na na 2.7 1.0 0.8 2.4 2010ʳ 1.2 1.0 2010ʳ 1.7 1.3 0.3 0.8 1.2 1.2 0.6 na 2012 0.8 0.3 2012 1.5 1.3 0.6 0.9 0.6 0.7 0.6 2012 Notes: 1–5. Survey of Consumer Payment Choice Version of October 2014 T-16 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 17 Total Cash Withdrawals, by Adoption of Deposit Accounts and Payment Instrument Dollars per month per location, except as noted* Mean Adopters 2010ʳ 2011 2012 Median 2010ʳ 2011 2012 Deposit account per month Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 28 6 0.2 26 4 0.2 32 5 0.3 13 4 0.2 10 4 0.2 17 4 0.1 ATM or debit card per month Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 30 7 0.2 28 4 0.2 34 5 0.3 15 3 0.2 12 3 0.2 16 3 0.1 Credit card per month Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 24 7 0.2 20 5 0.2 49 4 0.4 15 5 0.2 13 4 0.2 16 5 0.3 Prepaid card per month Amount per withdrawal............................................................ Withdrawals (number per month)............................................ na na na 63 14 0.5 61 7 0.5 na na na 32 7 0.3 23 7 0.1 Money order per month Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 69 19 0.4 80 12 0.6 177 12 1.5 43 9 0.1 35 10 0.1 56 9 0.5 Mean Median Nonadopters 2010ʳ 2011 2012 2010ʳ 2011 2012 Deposit account per month Amount per withdrawal............................................................ Withdrawals (number per month)............................................ s s 124 52 1.1 442 43 3.2 s s s 116 37 0.6 165 27 0.8 ATM or debit card per month Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 95 26 0.4 65 25 0.7 213 22 1.6 74 12 0.6 50 11 0.4 51 25 0.5 Credit card per month Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 80 18 0.4 76 17 0.6 109 18 1.0 43 9 0.3 38 9 0.1 55 10 0.1 Prepaid card per month Amount per withdrawal............................................................ Withdrawals (number per month)............................................ na na na 56 16 0.5 74 9 0.6 na na na 19 7 0.3 25 7 0.3 Money order per month Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 27 7 0.2 27 7 0.2 34 7 0.2 10 4 0.2 12 5 0.2 16 5 0.3 * Amount withdrawn per month is obtained from the amount per withdrawal times the number of withdrawals, calculated for each consumer. Notes: 1–5, 7, 17. Survey of Consumer Payment Choice Version of October 2014 T-17 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 18 Share of Consumers Using Accounts and Technologies in a Given Year Percentage of consumers 2010ʳ 2011 2012 Deposit account access Bank branch visit*................................................................................................................... ATM........................................................................................................................................ Telephone banking.................................................................................................................. Online banking........................................................................................................................ Using a computer or laptop.................................................................................................. Using a mobile phone........................................................................................................... Using other internet connected device................................................................................. Using other device................................................................................................................ Mobile banking....................................................................................................................... App installed........................................................................................................................ Used mobile phone, with or without app.............................................................................. Check balance or recent transactions with mobile phone.................................................. Bill pay with mobile phone............................................................................................... Receive a text message alert from your bank.................................................................... Transfer money between two accounts with mobile phone............................................... 1.5 1.8 1.8 1.6 1.8 na na na na 1.2 na na na na na na 1.2 1.4 1.4 1.3 1.5 1.5 1.1 1.1 0.7 1.4 na 1.4 1.3 1.1 1.1 1.0 1.3 1.5 1.5 1.3 1.5 1.5 1.3 1.3 0.0 1.4 na 1.4 1.4 1.1 1.2 1.2 Nonbank payment accounts Online payment service provider............................................................................................. Prepaid card reloading............................................................................................................ 1.2 0.9 1.3 1.1 1.5 1.0 Percentage of adopters 2010ʳ 2011 2012 Deposit account access Bank branch visit..................................................................................................................... ATM........................................................................................................................................ Telephone banking.................................................................................................................. Online banking........................................................................................................................ Using a computer or laptop.................................................................................................. Using a mobile phone........................................................................................................... Using other internet connected device................................................................................. Mobile banking....................................................................................................................... App installed........................................................................................................................ Used mobile phone, with or without app.............................................................................. Check balance or recent transactions with mobile phone.................................................. Bill pay with mobile phone............................................................................................... Receive a text message alert from your bank.................................................................... Transfer money between two accounts with mobile phone............................................... 0.6 1.5 1.4 1.6 1.6 na na na 1.3 na na na na na na 0.7 1.3 1.1 1.4 1.4 1.4 1.1 1.2 1.4 na 1.4 1.3 1.2 1.1 1.1 0.8 1.4 1.3 1.3 1.3 1.4 1.3 1.4 1.5 na 1.5 1.5 1.2 1.3 1.3 Nonbank payment accounts Online payment service provider............................................................................................. Prepaid card reloading, reloaders only (monthly)................................................................... 2.6 na 1.7 na 1.9 na * Bank branch visit is defined as visiting a bank and interacting with a teller or other bank employee. It does not include visiting an ATM located at a bank branch. Notes: 1–4, 16. Survey of Consumer Payment Choice Version of October 2014 T-18 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 19 Mobile Banking and Mobile Payments Percentage of consumers, except as noted 2010ʳ 2011 2012 Current adoption and use of mobile banking Mobile banking app installed.................................................................................. Check balance or recent transactions with mobile phone........................................ Bill pay with mobile phone..................................................................................... Receive a text message alert from your bank.......................................................... Transfer money between two accounts with mobile phone..................................... na na na na na na 1.4 1.1 1.3 1.1 1.1 1.0 1.5 1.3 1.4 1.1 1.2 1.2 Historical adoption of mobile banking Mobile banking app installed.................................................................................. Check balance or recent transactions with mobile phone........................................ Bill pay with mobile phone..................................................................................... Receive a text message alert from your bank.......................................................... Transfer money between two accounts with mobile phone..................................... na na na na na na 1.5 1.2 1.5 1.4 1.2 1.2 1.5 1.4 1.6 1.4 1.4 1.4 Discard rate of mobile banking Mobile banking app installed.................................................................................. Check balance or recent transactions with mobile phone........................................ Bill pay with mobile phone..................................................................................... Receive a text message alert from your bank.......................................................... Transfer money between two accounts with mobile phone..................................... Use of mobile payments on an annual basis Text/SMS................................................................................................................ Contactless.............................................................................................................. Scanned a barcode................................................................................................... Used your mobile phone's web browser.................................................................. Used a mobile app................................................................................................... Swiped card in device attached to mobile phone..................................................... Use of mobile payments on an annual basis (percentage of users) Text/SMS................................................................................................................ Contactless.............................................................................................................. Scanned a barcode................................................................................................... Used your mobile phone's web browser.................................................................. Used a mobile app................................................................................................... Swiped card in device attached to mobile phone..................................................... na na na na na na 0.6 0.6 0.3 na na na 0.6 0.3 0.7 0.7 0.4 0.2 1.1 0.5 0.4 0.6 0.8 0.7 na 0.8 0.5 0.8 0.8 0.7 0.5 1.2 0.6 0.3 0.4 1.0 0.8 0.8 7.0 7.3 5.1 na na na 3.5 3.3 4.5 4.8 4.7 na 2.9 1.8 2.4 3.2 3.5 3.5 Notes: 1–4, 11. Survey of Consumer Payment Choice Version of October 2014 T-19 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 20 Share of Consumers Using Payment Instruments, by Type of Asset or Liability Monthly Percentage of consumers Annual 2010ʳ 2011 2012 2010ʳ 2011 2012 1.0 0.0 1.1 na 1.1 na 0.9 0.5 1.0 0.4 1.1 0.3 1.8 na 1.7 1.6 1.7 1.5 na 1.4 1.4 1.5 1.5 na 1.5 1.4 1.5 1.8 na 1.7 1.7 1.7 1.5 na 1.4 1.4 1.5 1.5 0.6 1.5 1.4 1.5 Assets Money (M1)* Cash (currency).......................................................... Travelers check.......................................................... Demand deposit accounts, consumer Checks.................................................................. Personal............................................................. Certified......................................................... Debit card................................................................ Online banking bill payment................................... Bank account number payment............................... Other deposit accounts, bank..................................... Cashier's check........................................................ Other (unknown/unspecified) Direct deduction from income.................................... Money order............................................................... Prepaid....................................................................... na na na na na 0.8 1.1 1.2 1.0 1.1 0.9 1.1 1.0 1.1 0.9 1.1 1.3 1.1 1.2 1.1 1.4 1.0 1.1 1.1 Liabilities Credit or charge card..................................................... Credit......................................................................... Charge........................................................................ Text/SMS mobile payment............................................ 1.8 na na na 1.5 na na na 1.5 na na na 1.8 na na 0.6 1.5 na na 0.5 1.6 na na 0.6 * For M1 official definition, see Federal Reserve Statistical Release H.6. Notes: 1–4, 7, 14. Survey of Consumer Payment Choice Version of October 2014 T-20 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 21a Share of Consumers Using Payment Instruments Monthly Annual Percentage of consumers 2010ʳ 2011 2012 2010ʳ 2011 2012 Paper instruments Cash.............................................................................. Check............................................................................ Certified check........................................................... Money order.................................................................. Travelers check............................................................. Cashier's check.............................................................. 0.7 1.0 1.8 na 1.2 0.0 na 0.9 1.1 1.5 na 0.9 na na 1.0 1.1 1.5 na 1.1 na na 0.7 0.9 1.8 na 1.3 0.5 na 0.8 1.0 1.5 na 1.1 0.4 na 0.9 1.1 1.5 0.6 1.1 0.3 0.8 Payment cards Debit............................................................................. Credit or charge card..................................................... Credit......................................................................... Charge........................................................................ Prepaid.......................................................................... Prepaid (4 categories)................................................ na 1.7 1.8 na na na 1.0 1.8 1.4 1.5 na na 1.1 1.3 1.3 1.5 1.5 na na 0.9 na na 1.7 1.8 na na na 1.1 1.8 1.4 1.5 na na 1.4 1.4 1.3 1.5 1.6 na na 1.1 na Electronic payments Online banking bill payment......................................... Bank account number payment..................................... 1.7 1.6 1.7 1.5 1.4 1.5 1.5 1.4 1.5 1.7 1.7 1.7 1.4 1.4 1.5 1.5 1.4 1.5 na na na na na na na na na na na na na na na na na na na na 0.6 0.6 0.3 na na na na 1.1 0.5 0.4 0.6 0.8 0.7 na 1.2 0.6 0.3 0.4 1.0 0.8 0.8 1.1 1.1 1.0 1.1 1.2 1.0 Unknown/unspecified instrument Mobile payments........................................................... Text/SMS................................................................... Contactless................................................................. Scanned a barcode..................................................... Used your mobile phone's web browser..................... Used a mobile app...................................................... Swiped card in device attached to mobile phone....... Other means of payment Direct deduction from income....................................... Notes: 1–4, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-21 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 21b Share of Adopters Using Payment Instruments Monthly Annual Percentage of adopters† 2010ʳ 2011 2012 2010ʳ 2011 2012 Paper instruments Cash.............................................................................. Check............................................................................ Certified check........................................................... Money order.................................................................. Travelers check............................................................. Cashier's check.............................................................. 0.7 1.0 1.4 na 3.8 0.8 na 0.8 1.0 1.3 na 3.3 na na 1.0 1.1 1.4 na 3.8 na na 0.7 0.9 1.2 na 3.4 6.0 na 0.8 1.0 1.2 na 3.3 na na 0.9 1.1 1.2 na 3.6 na na Payment cards Debit............................................................................. Credit or charge card..................................................... Credit......................................................................... Charge........................................................................ Prepaid.......................................................................... Prepaid (4 categories)................................................ na 1.3 1.4 na na na 2.4 1.4 1.1 1.4 na na 2.1 3.8 1.2 1.4 1.5 na na 1.7 na na 1.2 1.2 na na na 2.5 1.4 1.0 1.3 na na 2.5 3.9 1.2 1.3 1.4 na na 1.9 na Electronic payments Online banking bill payment......................................... Bank account number payment*................................... 1.2 2.0 1.3 1.0 1.7 1.1 1.2 1.9 1.2 0.7 1.8 0.0 0.8 1.7 0.0 1.1 1.9 0.0 Unknown/unspecified instrument Mobile payments........................................................... Text/SMS................................................................... Contactless................................................................. Scanned a barcode..................................................... Used your mobile phone's web browser..................... Used a mobile app...................................................... Swiped card in device attached to mobile phone....... na na na na na na na na na na na na na na na na na na 7.0 7.3 5.1 na na na 3.5 3.3 4.5 4.8 4.7 na 2.9 1.8 2.4 3.2 3.5 3.5 Other means of payment Direct deduction from income*..................................... 2.0 1.7 1.5 0.0 0.0 0.0 * Estimates are 100 percent whenever adoption is defined solely as annual incidence of use. † Each payment instrument uses adopters of that particular payment instrument as the denominator. For example, in 2012, 1.1% of cash adopters use cash in a typical month. Notes: 1–4, 7, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-22 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 22 Share of Consumers Making a Transaction, by Type of Transaction Monthly Annual 2010ʳ 2011 2012 2010ʳ 2011 2012 Any transaction Online or electronic ................................................................. By mail, in person, or by phone .............................................. 0.4 1.5 0.6 0.8 1.2 0.8 0.8 1.3 0.9 0.4 1.4 0.6 0.8 1.2 0.8 0.8 1.2 0.9 Bill payments Automatic.............................................................................. Direct deduction from income............................................ Online.................................................................................... By mail, in person, or by phone............................................ 0.8 1.8 1.1 1.7 1.3 0.9 1.5 1.1 1.4 1.2 1.0 1.5 1.0 1.5 1.3 0.5 1.8 1.1 1.7 1.1 0.9 1.5 1.2 1.4 1.1 0.9 1.5 1.0 1.5 1.2 Non-bill payments Online or electronic............................................................... By mail, in person, or by phone............................................ Retail goods........................................................................ Services.............................................................................. 0.6 1.7 0.7 0.9 1.0 0.7 1.5 0.9 0.8 1.0 0.9 1.5 1.0 1.2 1.2 0.6 1.7 0.7 0.9 1.0 0.7 1.5 0.9 0.8 0.9 0.9 1.5 1.0 1.2 1.2 Person to person Online or electronic............................................................ By mail, in person, or by phone......................................... 1.7 1.2 1.7 1.5 1.0 1.5 1.5 1.1 1.5 1.5 1.3 1.6 1.4 1.1 1.4 1.4 1.3 1.4 Notes: 1–4. Survey of Consumer Payment Choice Version of October 2014 T-23 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 23 Share of Consumers Using Payment Instrument, by Type of Transaction Nonbill payments Bill Payments Monthly Online Non-online* 2010ʳ 2011 2012 2010ʳ 2011 2012 2010ʳ 2011 2012 Paper instruments Cash.......................................................... Check....................................................... Money order............................................. Travelers check........................................ 1.4 1.8 1.8 1.2 na 1.3 1.4 1.5 0.9 na 1.4 1.4 1.5 0.9 na 1.2 na 1.1 0.8 na 1.1 na 0.9 0.6 na 1.2 na 1.1 0.8 na 1.0 1.1 1.7 1.0 na 1.0 1.1 1.4 0.6 na 1.1 1.2 1.4 0.7 na Payment cards Debit......................................................... Credit or charge card................................ Prepaid..................................................... Prepaid (4 categories)........................... na 1.7 1.5 na 0.7 2.1 1.5 1.4 0.8 1.1 1.5 1.5 1.4 0.7 na na 1.5 1.3 na 0.9 2.0 1.2 1.2 0.5 0.9 1.5 1.3 1.1 0.7 na na 1.7 1.7 na 0.9 1.9 1.5 1.4 1.1 1.1 1.4 1.5 1.5 0.8 na Electronic payments Online banking bill payment.................... Bank account number payment................ 1.8 1.6 1.7 1.5 1.3 1.5 1.5 1.4 1.5 1.5 na 1.5 1.1 na 1.1 1.1 na 1.1 1.0 0.8 0.6 0.9 0.7 0.6 0.9 0.7 0.8 Other means of payment Direct deduction from income.................. 1.1 1.1 1.0 na na na na na na Nonbill payments Bill Payments Annual Online Non-online 2010ʳ 2011 2012 2010ʳ 2011 2012 2010ʳ 2011 2012 Paper instruments Cash.......................................................... Check....................................................... Money order............................................. Travelers check........................................ 1.8 1.9 1.3 na 1.2 1.5 1.5 1.0 na 1.3 1.5 1.5 1.0 na 1.5 na 1.4 0.9 na 1.2 na 1.1 0.7 na 1.3 na 1.2 0.8 na 0.9 1.0 1.8 1.1 na 1.0 1.1 1.5 0.7 na 1.1 1.1 1.5 0.8 na Payment cards Debit......................................................... Credit or charge card................................ Prepaid..................................................... Prepaid (4 categories)........................... na 1.7 1.6 na 0.7 2.0 1.5 1.4 0.9 1.2 1.4 1.5 1.5 0.8 na na 1.6 1.5 na 0.9 2.1 1.3 1.3 0.7 1.0 1.5 1.4 1.4 0.8 na na 1.7 1.8 na 1.0 1.9 1.5 1.5 1.3 1.2 1.4 1.5 1.5 1.0 na Electronic payments Online banking bill payment.................... Bank account number payment................ 1.7 1.6 1.8 1.4 1.4 1.5 1.5 1.4 1.5 1.6 na 1.6 1.3 na 1.3 1.2 na 1.2 1.1 0.9 0.8 1.0 0.8 0.7 1.1 0.8 1.0 Other means of payment Direct deduction from income.................. 1.1 1.2 1.0 na na na na na na * Non-online refers to retail goods payments, payments for services, and person-to-person payments. Notes: 1–4, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-24 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 24 Share of Consumers Using Payment Instrument, by Type of Bill Payment Automatic Monthly Online By mail or in person 2010ʳ 2011 2012 2010ʳ 2011 2012 2010ʳ 2011 2012 Any instrument 1.8 1.5 1.5 1.7 1.4 1.5 1.3 1.2 1.3 Paper instruments Cash.......................................................... Check....................................................... Money order............................................. Travelers check........................................ na na na na na na na na na na na na na na na na na na na na na na na na na na na na na na 1.4 1.8 1.8 1.2 na 1.3 1.4 1.5 0.9 na 1.4 1.4 1.5 0.9 na Payment cards Debit......................................................... Credit or charge card................................ Prepaid..................................................... Prepaid (4 categories)........................... 1.6 1.4 1.2 na na 1.4 1.2 1.1 na na 1.4 1.2 1.2 na na 1.7 1.6 1.2 na na 1.5 1.4 1.1 na na 1.5 1.4 1.2 na na na 1.6 1.2 na 0.7 2.0 1.4 1.1 0.8 1.1 1.5 1.2 1.1 0.7 na Electronic payments Online banking bill payment.................... Bank account number payment................ 1.7 1.3 1.6 1.4 1.1 1.4 1.5 1.1 1.3 1.7 1.6 1.6 1.5 1.3 1.4 1.5 1.3 1.4 na na na na na na na na na Other means of payment Direct deduction from income.................. 1.1 1.1 1.0 na na na na na na Automatic Annual 2010ʳ Any instrument Online By mail or in person 2011 2012 2010ʳ 2011 2012 2010ʳ 2011 2012 1.5 1.5 1.7 1.4 1.5 1.1 1.1 1.2 Paper instruments Cash.......................................................... Check....................................................... Money order............................................. Travelers check........................................ na na na na na na na na na na na na na na na na na na na na na na na na na na na na na na 1.2 1.8 1.9 1.3 na 1.2 1.5 1.5 1.0 na 1.3 1.5 1.5 1.0 na Payment cards Debit......................................................... Credit or charge card................................ Prepaid..................................................... Prepaid (4 categories)........................... 1.6 1.4 1.3 na na 1.4 1.2 1.2 na na 1.4 1.2 1.2 na na 1.7 1.6 1.3 na na 1.5 1.4 1.2 na na 1.5 1.4 1.2 na na na 1.6 1.3 na 0.7 2.1 1.4 1.2 0.9 1.2 1.5 1.3 1.2 0.8 na Electronic payments Online banking bill payment.................... Bank account number payment................ 1.7 1.4 1.6 1.4 1.1 1.4 1.5 1.1 1.4 1.7 1.6 1.6 1.5 1.3 1.4 1.5 1.3 1.4 na na na na na na na na na Other means of payment Direct deduction from income.................. 1.1 1.2 1.0 na na na na na na Notes: 1–4, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-25 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 25 Share of Consumers Using Payment Instrument, by Type of Nonbill, In-Person Transactions Monthly Retail Services and other Person to person 2010ʳ 2011 2012 2010ʳ 2011 2012 2010ʳ 2011 2012 Any instrument 0.9 0.8 1.2 1.0 1.0 1.2 1.7 1.5 1.5 Paper instruments Cash.......................................................... Check....................................................... Money order............................................. Travelers check........................................ 1.3 1.4 1.5 0.8 na 1.3 1.3 1.2 0.5 na 1.4 1.4 1.2 0.6 na 1.4 1.5 1.5 0.7 na 1.3 1.4 1.2 0.5 na 1.4 1.5 1.2 0.6 na 1.7 1.7 1.1 0.8 na 1.5 1.4 1.0 0.5 na 1.5 1.5 1.0 0.5 na Payment cards Debit......................................................... Credit or charge card................................ Prepaid..................................................... Prepaid (4 categories)........................... na 1.7 1.7 na 0.9 2.0 1.5 1.4 1.1 1.1 1.5 1.5 1.5 0.8 na na 1.7 1.6 na 0.8 2.1 1.5 1.4 0.8 0.9 1.5 1.5 1.4 0.7 na 0.9 0.8 0.7 na na 0.8 0.8 0.5 na na 0.9 0.8 0.5 na na Electronic payments Online banking bill payment.................... Bank account number payment................ na na na na na na na na na na na na na na na na na na 1.0 0.8 0.6 0.9 0.7 0.6 0.9 0.7 0.8 Other means of payment Direct deduction from income.................. na na na na na na na na na Annual Retail 2010ʳ Any instrument Services and other Person to person 2011 2012 2010ʳ 2011 2012 2010ʳ 2011 2012 0.8 1.2 1.0 0.9 1.2 1.5 1.4 1.4 Paper instruments Cash.......................................................... Check....................................................... Money order............................................. Travelers check........................................ 1.3 1.4 1.6 0.9 na 1.3 1.3 1.3 0.7 na 1.3 1.4 1.4 0.6 na 1.3 1.5 1.6 0.8 na 1.3 1.3 1.3 0.6 na 1.4 1.4 1.4 0.7 na 1.6 1.7 1.5 0.9 na 1.4 1.5 1.3 0.5 na 1.4 1.5 1.3 0.6 na Payment cards Debit......................................................... Credit or charge card................................ Prepaid..................................................... Prepaid (4 categories)........................... na 1.7 1.7 na 1.0 2.0 1.5 1.5 1.2 1.2 1.4 1.5 1.5 0.9 na na 1.7 1.7 na 0.9 2.0 1.5 1.4 0.9 1.0 1.5 1.5 1.5 0.8 na 1.1 0.9 0.8 na na 0.9 0.8 0.6 na na 1.0 1.0 0.6 na na Electronic payments Online banking bill payment.................... Bank account number payment................ na na na na na na na na na na na na na na na na na na 1.1 0.9 0.8 1.0 0.8 0.7 1.1 0.8 1.0 Other means of payment Direct deduction from income.................. na na na na na na na na na Notes: 1–4, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-26 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 26a Number of Consumer Payments in a Typical Month, by Type of Asset or Liability Mean Number per consumer Growth rate (%) 2010ʳ 2011 2012 10-11 11-12 Total payments Assets Money (M1)* Cash (currency)............................................................................ Travelers check............................................................................ Demand deposit accounts, consumer Checks Personal.................................................................................. Certified............................................................................... Debit card.................................................................................. Online banking bill payment...................................................... Bank account number payment.................................................. Other deposit accounts................................................................. Cashier's check.......................................................................... 2.4 2.3 2.3 0.9 0.0 1.6 1.7 1.5 1.5 0.8 na 1.1 1.6 1.4 1.3 0.7 na 1.0 — — — — — — — — — — — — 0.3 na 1.4 0.2 0.2 0.3 na 0.9 0.2 0.1 0.3 na 0.8 0.2 0.1 — — — — — — — — — — na na na — — Other (unknown/unspecified) Direct deduction from income...................................................... Money order................................................................................. Prepaid......................................................................................... Prepaid, per adopter†................................................................... 0.1 0.1 0.1 0.1 0.3 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.2 — — — — — — — — — — Liabilities Credit or charge card....................................................................... Credit............................................................................................ Charge.......................................................................................... Text/SMS mobile payment.............................................................. 0.6 0.6 na na na 0.6 0.6 na na na 0.7 0.7 na na na — — — — — — — — — — * For official definition of M1, see Federal Reserve Statistical Release H.6. † Per adopter estimate is included due to changes in the survey design that affected the rates of adoption of payment instruments (see Table 4), making the per consumer estimates not comparable across years. Estimates are calculated using only adopters of a payment instrument, not all consumers. Notes: 1–4. Survey of Consumer Payment Choice Version of October 2014 T-27 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 26b Percentage Share of Consumer Payments in a Typical Month, by Type of Asset or Liability Share (%) Percent share Change 2010ʳ 2011 2012 10-11 11-12 Total payments Assets Money (M1)* Cash (currency)............................................................................ Travelers check............................................................................ Demand deposit accounts, consumer Checks Personal.................................................................................. Certified............................................................................... Debit card.................................................................................. Online banking bill payment...................................................... Bank account number payment.................................................. Other deposit accounts................................................................. Cashier's check.......................................................................... — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Other (unknown/unspecified) Direct deduction from income...................................................... Money order................................................................................. Prepaid......................................................................................... Prepaid, per adopter†................................................................... — — — — — — — — — — — — — — — — — — — — — — — — — Liabilities Credit or charge card....................................................................... Credit............................................................................................ Charge.......................................................................................... Text/SMS mobile payment.............................................................. — — — — — — — — — — — — — — — — — — — — — — — — — * For official definition of M1, see Federal Reserve Statistical Release H.6. † Per adopter estimate is included due to changes in the survey design that affected the rates of adoption of payment instruments (see Table 4), making the per consumer estimates not comparable across years. Estimates are calculated using only adopters of a payment instrument, not all consumers. Notes: 1–4, 14. Survey of Consumer Payment Choice Version of October 2014 T-28 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 27 Consumer Payments in a Typical Month, by Payment Instrument Mean Number per consumer Growth rate (%) 2010ʳ 2011 2012 10-11 11-12 Total payments 2.4 1.7 1.6 — — Paper instruments Cash................................................................................................. Check............................................................................................... Money order.................................................................................... Travelers check............................................................................... 1.1 0.9 0.3 0.1 0.0 0.9 0.8 0.3 0.1 na 0.8 0.7 0.3 0.1 na — — — — — — — — — — Payment cards Debit................................................................................................ Credit or charge card....................................................................... Prepaid............................................................................................ Prepaid (4 categories)................................................................... Prepaid, per adopter*....................................................................... Prepaid (4 categories), per adopter*............................................. na 1.4 0.6 na 0.1 na 0.3 1.1 0.9 0.6 0.1 0.1 0.2 0.3 1.1 0.8 0.7 0.1 na 0.2 na — — — — — — — — — — — — — — Electronic payments Online banking bill payment............................................................ Bank account number payment........................................................ 0.3 0.2 0.2 0.2 0.2 0.1 0.3 0.2 0.1 — — — — — — Other means of payment Direct deduction from income......................................................... 0.1 0.1 0.1 — — Share (%) Percentage share Change 2010ʳ 2011 2012 10-11 11-12 Total payments — — — — — Paper instruments Cash................................................................................................. Check............................................................................................... Money order.................................................................................... Travelers check............................................................................... — — — — — — — — — — — — — — — — — — — — — — — — — Payment cards Debit................................................................................................ Credit or charge card....................................................................... Prepaid............................................................................................ Prepaid (4 categories)................................................................... Prepaid, per adopter*....................................................................... Prepaid (4 categories), per adopter*............................................. — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Electronic payments Online banking bill payment............................................................ Bank account number payment........................................................ — — — — — — — — — — — — — — — Other means of payment Direct deduction from income......................................................... — — — — — * Per adopter estimate is included due to changes in the survey design that affected the rates of adoption of payment instruments (see Table 4), making the per consumer estimates not comparable across years. Estimates are calculated using only adopters of a payment instrument, not all consumers. Notes: 1–4, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-29 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 28 Consumer Payments in a Typical Month, by Type of Payment Transaction Mean Growth rate (%) Number per consumer 2010ʳ 2011 2012 10-11 11-12 Total Online or electronic ...................................................................... By mail, in person, or by phone..................................................... 2.4 0.9 1.7 1.7 0.5 1.4 1.6 0.6 1.3 — — — — — — Bill payments Automatic................................................................................... Direct deduction from income................................................. Other automatic....................................................................... Online......................................................................................... By mail, in person, or by phone.................................................. 1.1 0.4 0.1 0.4 0.4 0.5 0.7 0.3 0.1 0.3 0.2 0.5 0.7 0.3 0.1 0.3 0.3 0.4 — — — — — — — — — — — — Non-bill payments Retail and services Online or electronic................................................................. By mail, in person, or by phone............................................... Retail goods.......................................................................... Services................................................................................. Person to person Online or electronic................................................................. By mail, in person, or by phone............................................... 1.5 1.4 0.2 1.3 0.8 0.7 0.3 0.2 0.2 1.3 1.2 0.2 1.1 0.8 0.5 0.2 0.1 0.1 1.2 1.2 0.3 1.0 0.7 0.5 0.2 0.1 0.1 — — — — — — — — — — — — — — — — — — Change Percentage share 2010ʳ 2011 2012 10-11 11-12 Total Online or electronic ...................................................................... By mail, in person, or by phone..................................................... — — — — — — — — — — — — — — — Bill payments Automatic................................................................................... Direct deduction from income................................................. Other automatic....................................................................... Online......................................................................................... By mail, in person, or by phone.................................................. — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Non-bill Payments Retail and services Online or electronic................................................................. By mail, in person, or by phone............................................... Retail goods.......................................................................... Services................................................................................. Person to person Online or electronic................................................................. By mail, in person, or by phone............................................... — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Notes: 1–4. Survey of Consumer Payment Choice Version of October 2014 T-30 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 29 Use of Payment Instruments in a Typical Month, by Type of Transaction Nonbill payments Bill payments Number per consumer Online Non-online* 2010ʳ 2011 2012 2010ʳ 2011 2012 2010ʳ 2011 2012 Paper instruments Cash.......................................................... Check....................................................... Money order............................................. Travelers check........................................ 0.3 0.3 0.1 0.1 na 0.4 0.4 0.1 0.0 na 0.2 0.2 0.1 0.1 na 0.1 na 0.1 0.0 na 0.1 na 0.1 0.0 na 0.1 na 0.1 0.0 na 0.8 0.7 0.2 0.1 na 0.7 0.6 0.2 0.0 na 0.7 0.6 0.2 0.1 na Payment cards Debit......................................................... Credit or charge card................................ Prepaid..................................................... Prepaid (4 categories)........................... na 0.7 0.2 na 0.0 0.4 0.3 0.2 0.0 0.0 0.4 0.3 0.2 0.0 na na 0.1 0.1 na 0.0 0.1 0.1 0.1 0.0 0.0 0.2 0.1 0.2 0.0 na na 0.8 0.5 na 0.1 0.8 0.7 0.5 0.1 0.1 0.7 0.6 0.5 0.1 na Electronic payments Online banking bill payment.................... Bank account number payment................ 0.2 0.2 0.1 0.2 0.2 0.1 0.2 0.2 0.1 0.1 na 0.1 0.1 na 0.1 0.0 na 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other methods of payment Direct deduction from income.................. 0.1 0.1 0.1 na na na na na na Nonbill payments Bill payments Percentage share Online Non-online 2010 2011 2012 2010 2011 2012 2010 2011 2012 Paper instruments Cash.......................................................... Check....................................................... Money order............................................. Travelers check........................................ — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Payment cards Debit......................................................... Credit or charge card................................ Prepaid..................................................... Prepaid (4 categories)........................... — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Electronic payments Online banking bill payment.................... Bank account number payment................ — — — — — — — — — — — — — — — — — — — — — — — — — — — Other methods of payment Direct deduction from income.................. — — — — — — — — — — — — — — — — — — * Non-online refers to retail goods payments, payments for services, and person-to-person payments. Notes: 1–4, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-31 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 30 Use of Payment Instruments in a Typical Month, by Type of Bill Payment Automatic Number per consumer 2010ʳ 2011 By mail, in person, or by phone Online 2012 2010ʳ 2011 2012 2010ʳ 2011 2012 Paper instruments Cash........................................................................ Check...................................................................... Money order........................................................... Travelers check....................................................... na na na na na na na na na na na na na na na na na na na na na na na na na na na na na na 0.3 0.3 0.1 0.1 na 0.4 0.4 0.1 0.0 na 0.2 0.2 0.1 0.1 na Payment cards Debit....................................................................... Credit or charge card.............................................. Prepaid.................................................................... Prepaid (4 categories).......................................... 0.3 0.3 0.1 na na 0.2 0.1 0.1 na na 0.2 0.1 0.1 na na 0.3 0.3 0.1 na na 0.2 0.2 0.1 na na 0.2 0.2 0.1 na na na 0.2 0.1 na 0.0 0.2 0.2 0.1 0.0 0.0 0.2 0.2 0.1 0.0 na Electronic payments Online banking bill payment................................... Bank account number payment............................... 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 na na na na na na na na na Other means of payment Direct deduction from income................................ 0.1 0.1 0.1 na na na na na na Automatic Percentage share 2010ʳ 2011 By mail, in person, or by phone Online 2012 2010ʳ 2011 2012 2010ʳ 2011 2012 Paper instruments Cash........................................................................ Check...................................................................... Money order........................................................... Travelers check....................................................... — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Payment cards Debit....................................................................... Credit or charge card.............................................. Prepaid.................................................................... Prepaid (4 categories).......................................... — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Electronic payments Online banking bill payment................................... Bank account number payment............................... — — — — — — — — — — — — — — — — — — — — — — — — — — — Other means of payment Direct deduction from income................................ — — — — — — — — — — — — — — — — — — Notes: 1–4, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-32 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 31 Use of Payment Instruments in a Typical Month, by Type of Nonbill, In-Person Transactions Retail Number per consumer Services and other Person to person 2010ʳ 2011 2012 2010ʳ 2011 2012 2010ʳ 2011 2012 Paper instruments Cash......................................................................... Check...................................................................... Money order............................................................ Travelers check....................................................... 0.4 0.4 0.1 0.0 na 0.4 0.4 0.1 0.0 na 0.4 0.4 0.1 0.0 na 0.4 0.3 0.1 0.0 na 0.3 0.3 0.1 0.0 na 0.3 0.3 0.1 0.0 na 0.2 0.2 0.1 0.0 na 0.1 0.1 0.0 0.0 na 0.1 0.1 0.0 0.0 na Payment cards Debit........................................................................ Credit or charge card............................................... Prepaid.................................................................... Prepaid (4 categories)........................................... na 0.5 0.3 na 0.1 0.6 0.5 0.3 0.1 0.0 0.5 0.4 0.3 0.1 na na 0.4 0.2 na 0.0 0.3 0.3 0.2 0.0 0.0 0.3 0.2 0.2 0.0 na 0.1 0.1 0.1 na na 0.0 0.0 0.0 na na 0.1 0.1 0.0 na na Electronic payments Online banking bill payment................................... Bank account number payment............................... na na na na na na na na na na na na na na na na na na 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other means of payment Direct deduction from income................................. na na na na na na na na na Retail Percentage share Services and other Person to person 2010ʳ 2011 2012 2010ʳ 2011 2012 2010ʳ 2011 2012 Paper instruments Cash......................................................................... Check...................................................................... Money order............................................................ Travelers check....................................................... — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Payment cards Debit........................................................................ Credit or charge card............................................... Prepaid.................................................................... Prepaid (4 categories)........................................... — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Electronic payments Online banking bill payment................................... Bank account number payment............................... — — — — — — — — — — — — — — — — — — — — — — — — — — — Other means of payment Direct deduction from income................................. — — — — — — — — — — — — — — — — — — Notes: 1–4, 14, 15. Survey of Consumer Payment Choice Version of October 2014 T-33 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 32 Payment Instruments Used in a Typical Period, by Type of Instrument and Transaction Mean number per consumer Typical month 2010ʳ 2011 2012 All payments (9 instruments available) Paper instruments.................................................................................................... Payment cards.......................................................................................................... Electronic payments................................................................................................ na 0.0 na 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 Bill payments (8 instruments available)† Paper instruments.................................................................................................... Payment cards.......................................................................................................... Electronic payments................................................................................................ 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 Online payments (6 instruments available)‡ Paper instruments.................................................................................................... Payment cards.......................................................................................................... Electronic payments................................................................................................ 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 In-person payments (8 instruments available)** Paper instruments.................................................................................................... Payment cards.......................................................................................................... Electronic payments................................................................................................ 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Typical year 2010ʳ 2011 2012 All payments (9 instruments available) Paper instruments.................................................................................................... Payment cards.......................................................................................................... Electronic payments................................................................................................ na 0.0 na 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 Bill payments (8 instruments available)† Paper instruments.................................................................................................... Payment cards.......................................................................................................... Electronic payments................................................................................................ 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 Online payments (6 instruments available)‡ Paper instruments.................................................................................................... Payment cards.......................................................................................................... Electronic payments................................................................................................ 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 In-person payments (8 instruments available)** Paper instruments.................................................................................................... Payment cards.......................................................................................................... Electronic payments................................................................................................ 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 † Travelers checks are not presented to the respondent as an option for payment instrument for bill payments. ‡ Cash, travelers check, and OBBP are not presented to the respondent as an option for payment instruments for online payments. ** OBBP is not presented to the respondent as a payment instrument for in-person payments. Notes: 1–4, 6. Survey of Consumer Payment Choice Version of October 2014 T-34 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 33 Loss, Theft, or Fraudulent Use of Payment Instrument Percentage of consumers or adopters and mean dollar value Percentage of consumers 2010ʳ 2011 2012 Incidence in past 12 months Cash.............................................................................................................................. Checks.......................................................................................................................... Credit card.................................................................................................................... Debit card..................................................................................................................... 1.2 1.0 0.5 0.5 0.6 1.1 1.0 0.2 0.4 0.6 1.2 1.0 0.3 0.6 0.8 Percentage of adopters 2010ʳ 2011 2012 Incidence in past 12 months Cash.............................................................................................................................. Checks.......................................................................................................................... Credit card.................................................................................................................... Debit card..................................................................................................................... 1.2 1.0 0.6 0.7 0.8 1.1 1.0 0.2 0.6 0.8 1.2 1.0 0.4 0.9 1.0 Mean dollar value* 2010ʳ 2011 2012 Amount lost or stolen Cash.............................................................................................................................. 154 75 137 Amount of fraudulent charges† Checks.......................................................................................................................... Credit card.................................................................................................................... Debit card..................................................................................................................... s 247 179 s 125 58 s 173 62 na na na na na s s s na na na na na na na na na Amount liable for fraudulent charges Checks.......................................................................................................................... Credit card.................................................................................................................... Debit card..................................................................................................................... Percentage of consumers reporting zero liability for fraudulent charges Checks.......................................................................................................................... Credit card.................................................................................................................... Debit card..................................................................................................................... * For each payment instrument listed, the value is the average amount for all consumers who experienced loss, theft, or fraud of that instrument over the past 12 months. † The amount of fraudulent charges may not be the actual amount of the loss borne by consumers. Actual consumer loss depends on the policies of depository institutions and card network agreements. Notes: 1–5, 17. Survey of Consumer Payment Choice Version of October 2014 T-35 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 34 Importance Rankings of Characteristics of Payment Instruments Percentage of consumers 2010ʳ Most important 2nd most 3rd most 4th most 5th most Least important Characteristics Acceptance for payment............................................... Acquisition and setup................................................... Convenience................................................................. Cost.............................................................................. Payment records........................................................... Security........................................................................ 1.4 1.1 1.5 1.6 1.2 1.7 1.4 1.2 1.5 1.5 1.3 1.6 1.3 1.0 1.4 1.1 1.3 1.2 1.3 1.4 1.3 1.4 1.4 1.2 1.0 1.4 1.1 0.9 1.2 0.8 1.2 1.5 0.6 0.8 1.2 0.3 Most important 2nd most 3rd most 4th most 5th most Least important 1.3 1.0 1.4 1.3 1.2 1.5 1.1 0.7 1.1 1.2 1.1 1.1 1.1 1.0 1.1 1.1 1.1 1.0 1.0 1.0 1.1 1.0 1.2 0.7 1.0 1.1 0.9 1.0 1.1 0.6 0.9 1.4 0.8 0.8 0.9 0.5 Most important 2nd most 3rd most 4th most 5th most Least important na na na na na na na na na na na na na na na na na na na na na na na na na na na na na na na na na na na na 2011 Characteristics Acceptance for payment............................................... Acquisition and setup................................................... Convenience................................................................. Cost.............................................................................. Payment records........................................................... Security........................................................................ 2012 Characteristics Acceptance for payment............................................... Acquisition and setup................................................... Convenience................................................................. Cost.............................................................................. Payment records........................................................... Security........................................................................ Notes: 1, 4. Survey of Consumer Payment Choice Version of October 2014 T-36 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 35a Assessments of Payment Instruments: Acceptance for Payment Percentage of consumers Cash 2010............................................. 2011............................................. 2012............................................. Check 2010............................................. 2011............................................. 2012............................................. Debit card 2010............................................. 2011............................................. 2012............................................. Credit card 2010............................................. 2011............................................. 2012............................................. Prepaid card 2010............................................. 2011............................................. 2012............................................. Bank account number payment 2010............................................. 2011............................................. 2012............................................. Online banking bill payment 2010............................................. 2011............................................. 2012............................................. Rarely accepted Occasionally accepted Often accepted Usually accepted Almost always accepted 0.4 0.4 0.4 0.3 0.5 0.4 1.0 0.8 0.8 1.2 0.9 1.0 1.5 1.2 1.3 0.6 0.7 0.6 1.2 1.1 1.1 1.6 1.3 1.3 1.6 1.4 1.4 1.4 1.1 1.2 0.5 0.7 0.4 0.4 0.5 0.3 0.9 0.9 1.0 1.6 1.4 1.3 1.7 1.5 1.5 0.5 0.6 0.4 0.4 0.4 0.3 0.8 0.8 1.0 1.6 1.3 1.3 1.7 1.5 1.5 0.7 0.9 0.8 0.9 0.8 0.7 1.5 1.3 1.2 1.6 1.3 1.4 1.6 1.3 1.5 1.6 1.4 1.4 1.3 1.2 1.3 1.6 1.2 1.0 1.1 1.0 1.1 1.0 0.9 1.1 1.1 0.9 0.9 0.8 1.0 1.0 1.6 1.2 1.2 1.6 1.3 1.4 1.5 1.3 1.3 Notes: 1, 4. Survey of Consumer Payment Choice Version of October 2014 T-37 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 35b Assessments of Payment Instruments: Acquisition and Setup Percentage of consumers Very hard to get or set up Cash 2010............................................. 2011............................................. 2012............................................. Check 2010............................................. 2011............................................. 2012............................................. Debit card 2010............................................. 2011............................................. 2012............................................. Credit card 2010............................................. 2011............................................. 2012............................................. Prepaid card 2010............................................. 2011............................................. 2012............................................. Bank account number payment 2010............................................. 2011............................................. 2012............................................. Online banking bill payment 2010............................................. 2011............................................. 2012............................................. Hard to get or set up Neither hard nor easy Easy to get or set up Very easy to get or set up 0.4 0.5 0.4 0.8 0.6 0.5 1.1 1.0 1.2 1.4 1.2 1.1 1.7 1.4 1.5 0.5 0.5 0.5 1.0 0.9 0.9 1.6 1.3 1.3 1.6 1.4 1.4 1.5 1.2 1.3 0.5 0.3 0.3 0.6 0.5 0.7 1.5 1.2 1.2 1.7 1.4 1.4 1.6 1.4 1.5 1.0 0.7 0.6 1.0 1.0 0.9 1.5 1.2 1.3 1.6 1.4 1.4 1.5 1.3 1.4 1.0 0.6 0.6 1.1 1.0 1.0 1.6 1.4 1.4 1.5 1.3 1.3 1.3 1.2 1.3 0.7 0.5 0.6 1.1 1.0 1.0 1.6 1.4 1.4 1.5 1.3 1.4 1.6 1.1 1.2 0.8 0.5 0.5 1.0 1.0 1.0 1.6 1.3 1.3 1.5 1.3 1.4 1.5 1.2 1.3 Notes: 1, 4. Survey of Consumer Payment Choice Version of October 2014 T-38 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 35c Assessments of Payment Instruments: Convenience Percentage of consumers Cash 2010............................................. 2011............................................. 2012............................................. Check 2010............................................. 2011............................................. 2012............................................. Debit card 2010............................................. 2011............................................. 2012............................................. Credit card 2010............................................. 2011............................................. 2012............................................. Prepaid card 2010............................................. 2011............................................. 2012............................................. Bank account number payment 2010............................................. 2011............................................. 2012............................................. Online banking bill payment 2010............................................. 2011............................................. 2012............................................. Very Inconvenient Inconvenient Neither inconvenient nor convenient Convenient Very Convenient 1.0 0.8 0.6 1.0 0.9 0.8 1.1 1.0 1.0 1.4 1.2 1.3 1.7 1.4 1.5 1.3 0.9 0.9 1.4 1.3 1.2 1.5 1.2 1.4 1.5 1.3 1.4 1.1 1.0 1.0 0.9 0.6 0.4 0.4 0.6 0.5 1.0 0.9 0.9 1.5 1.3 1.4 1.7 1.5 1.5 0.9 0.6 0.5 0.6 0.6 0.6 1.0 1.0 0.9 1.5 1.3 1.4 1.7 1.5 1.5 0.9 0.8 0.9 1.3 0.9 0.9 1.5 1.4 1.4 1.5 1.2 1.3 1.4 1.2 1.3 1.4 1.1 1.0 1.3 1.1 1.2 1.5 1.4 1.4 1.4 1.1 1.3 1.1 1.0 0.9 1.0 0.8 0.6 0.7 0.7 0.6 1.3 1.1 1.2 1.5 1.3 1.3 1.7 1.4 1.5 Notes: 1, 4. Survey of Consumer Payment Choice Version of October 2014 T-39 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 35d Assessments of Payment Instruments: Cost Percentage of consumers Cash 2010............................................. 2011............................................. 2012............................................. Check 2010............................................. 2011............................................. 2012............................................. Debit card 2010............................................. 2011............................................. 2012............................................. Credit card 2010............................................. 2011............................................. 2012............................................. Prepaid card 2010............................................. 2011............................................. 2012............................................. Bank account number payment 2010............................................. 2011............................................. 2012............................................. Online banking bill payment 2010............................................. 2011............................................. 2012............................................. Very high cost High cost Neither high nor low cost Low cost Very low cost 0.3 0.6 0.4 0.6 0.5 0.3 1.6 1.1 1.3 0.9 0.8 0.9 1.7 1.4 1.5 0.5 0.5 0.5 0.9 0.9 0.8 1.7 1.2 1.4 1.7 1.4 1.4 1.4 1.4 1.4 0.3 0.5 0.3 0.9 1.0 0.7 1.7 1.1 1.3 1.6 1.4 1.3 1.6 1.4 1.5 1.2 1.1 1.2 1.4 1.4 1.3 1.7 1.1 1.3 1.3 1.1 1.1 1.1 1.0 1.1 0.6 0.7 0.7 1.2 1.1 1.1 1.7 1.4 1.4 1.4 1.2 1.3 1.4 1.2 1.2 0.6 0.6 0.7 0.7 0.7 0.6 1.8 1.4 1.4 1.4 1.3 1.3 1.5 1.3 1.4 0.7 0.5 0.6 0.6 0.7 0.6 1.7 1.3 1.3 1.5 1.2 1.2 1.6 1.4 1.5 Notes: 1, 4. Survey of Consumer Payment Choice Version of October 2014 T-40 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 35e Assessments of Payment Instruments: Payment Records Percentage of consumers Cash 2010............................................. 2011............................................. 2012............................................. Check 2010............................................. 2011............................................. 2012............................................. Debit card 2010............................................. 2011............................................. 2012............................................. Credit card 2010............................................. 2011............................................. 2012............................................. Prepaid card 2010............................................. 2011............................................. 2012............................................. Bank account number payment 2010............................................. 2011............................................. 2012............................................. Online banking bill payment 2010............................................. 2011............................................. 2012............................................. Very poor records Poor records Neither good nor poor Good records Very good records 1.6 1.4 1.4 1.3 1.1 1.2 1.6 1.2 1.2 1.1 1.0 1.1 1.2 1.0 0.9 0.2 0.7 0.5 0.6 0.6 0.6 1.1 0.9 1.1 1.7 1.4 1.5 1.6 1.4 1.4 0.3 0.6 0.4 0.6 0.5 0.6 1.1 0.9 1.0 1.7 1.4 1.5 1.7 1.4 1.5 0.4 0.6 0.4 0.9 0.6 0.6 1.0 0.8 1.1 1.6 1.4 1.4 1.7 1.5 1.5 1.4 1.2 1.1 1.1 1.2 1.3 1.6 1.3 1.4 1.4 1.2 1.1 1.1 0.9 0.9 0.5 0.5 0.6 0.6 0.6 0.7 1.3 1.2 1.2 1.7 1.4 1.4 1.6 1.4 1.5 0.4 0.7 0.5 0.5 0.6 0.6 1.1 1.0 1.2 1.6 1.4 1.4 1.7 1.4 1.5 Notes: 1, 4. Survey of Consumer Payment Choice Version of October 2014 T-41 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 35f Assessments of Payment Instruments: Security Percentage of consumers Cash 2010............................................. 2011............................................. 2012............................................. Check 2010............................................. 2011............................................. 2012............................................. Debit card 2010............................................. 2011............................................. 2012............................................. Credit card 2010............................................. 2011............................................. 2012............................................. Prepaid card 2010............................................. 2011............................................. 2012............................................. Bank account number payment 2010............................................. 2011............................................. 2012............................................. Online banking bill payment 2010............................................. 2011............................................. 2012............................................. Very risky Risky Neither risky nor secure Secure Very secure 1.6 1.4 1.4 1.3 1.2 1.0 1.3 0.9 1.2 0.9 0.9 1.0 1.6 1.3 1.4 0.9 0.8 0.8 1.7 1.4 1.3 1.4 1.1 1.3 1.4 1.4 1.4 1.2 0.8 0.9 0.8 0.9 0.8 1.6 1.3 1.2 1.3 1.1 1.1 1.6 1.3 1.5 1.3 1.0 1.1 1.0 1.0 0.9 1.6 1.3 1.2 1.1 1.1 1.1 1.6 1.3 1.4 1.3 1.0 1.1 1.4 1.2 1.1 1.5 1.2 1.2 1.5 1.3 1.4 1.2 1.1 1.2 1.1 1.0 1.1 1.4 1.2 1.2 1.6 1.4 1.3 1.4 1.1 1.2 1.2 1.1 1.3 1.2 0.9 0.9 1.1 0.9 0.8 1.5 1.2 1.2 1.4 1.2 1.2 1.5 1.3 1.4 1.3 1.1 1.2 Notes: 1, 4. Survey of Consumer Payment Choice Version of October 2014 T-42 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 35g Assessments of Payment Locations: Security Percentage of consumers Survey year Very risky Risky Neither risky nor secure Secure Very secure In person 2010......... 2011......... 2012......... 0.1 0.4 0.2 0.4 0.5 0.4 0.9 0.8 1.0 1.4 1.2 1.3 1.6 1.4 1.5 Online 2010......... 2011......... 2012......... 1.3 0.8 na 1.6 1.3 na 1.1 1.1 na 1.6 1.3 na 1.0 0.9 na Mail 2010......... 2011......... 2012......... 1.3 0.9 0.5 1.5 1.3 1.2 1.5 1.3 1.4 1.6 1.3 1.4 0.7 0.8 0.9 Landline phone 2010......... 2011......... 2012......... 1.1 0.7 0.6 1.7 1.4 1.1 1.4 1.3 1.4 1.5 1.3 1.4 0.7 0.8 1.1 Laptop internet access 2010......... 2011......... 2012......... na na 0.7 na na 1.2 na na 1.3 na na 1.5 na na 0.9 Laptop voice calling 2010......... 2011......... 2012......... na na 0.9 na na 1.4 na na 1.4 na na 1.1 na na 0.7 Mobile phone 2010......... 2011......... 2012......... 1.3 1.2 na 1.7 1.4 na 1.4 1.3 na 1.3 1.0 na 0.6 0.7 na Mobile phone internet access 2010......... 2011......... 2012......... na na 0.8 na na 1.4 na na 1.4 na na 1.3 na na 0.7 Mobile phone voice calling 2010......... 2011......... 2012......... na na 0.9 na na 1.4 na na 1.4 na na 1.3 na na 0.7 Mobile phone texting 2010......... 2011......... 2012......... na na 1.2 na na 1.4 na na 1.4 na na 1.0 na na 0.6 Tablet internet access 2010......... 2011......... 2012......... na na 0.8 na na 1.3 na na 1.4 na na 1.3 na na 0.8 Tablet voice calling 2010......... 2011......... 2012......... na na 1.1 na na 1.4 na na 1.5 na na 1.1 na na 0.5 Notes: 1, 2, 4. Survey of Consumer Payment Choice Version of October 2014 T-43 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 35h Assessment of Debit Authorization Mode Percentage of consumers Security Very risky Risky Neither risky nor secure Secure Very secure PIN debit card 2010................................................ 2011................................................ 2012................................................ 0.7 0.6 0.7 1.2 1.0 1.1 1.5 1.0 1.1 1.6 1.4 1.5 1.5 1.3 1.3 0.6 0.5 0.6 1.3 1.2 1.2 1.5 1.2 1.4 1.7 1.4 1.4 1.2 1.1 1.2 1.7 1.4 1.4 1.6 1.4 1.4 1.3 1.0 1.2 1.1 0.8 0.7 0.6 0.5 0.6 1.3 1.2 1.1 1.7 1.4 1.5 1.5 1.2 1.3 1.2 1.0 1.1 0.7 0.7 0.6 2010 2011 2012 1.8 1.7 1.4 0.6 1.6 1.3 1.3 0.5 1.7 1.5 1.4 na Signature debit card 2010................................................ 2011................................................ 2012................................................ No PIN and no signature debit card 2010................................................ 2011................................................ 2012................................................ Using a debit card online 2010................................................ 2011................................................ 2012................................................ Notes: 1, 2, 4. Table 35i Preferred Way of Authorizing Debit Card Payments Percentage of consumers PIN...................................................................................................................... Signature............................................................................................................. Either one is fine/I'm indifferent......................................................................... Neither one/ I prefer not to enter a PIN or give my signature............................. Notes: 1, 2, 4. Survey of Consumer Payment Choice Version of October 2014 T-44 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 36 Demographics: Gender, Age, Race, Ethnicity, and Education Percentage of consumers, except where noted* 2010ʳ 2011 2012 228.9 2,102 230.9 2,151 234.4 2,065 Gender Male...................................................................................................................... Female.................................................................................................................. 1.7 1.7 1.5 1.5 1.5 1.5 Age 18–24.................................................................................................................... 25–34.................................................................................................................... 35–44.................................................................................................................... 45–54.................................................................................................................... 55–64.................................................................................................................... 65 and older.......................................................................................................... 1.2 1.8 1.3 1.1 0.9 1.1 1.0 1.4 1.1 1.1 0.8 1.0 1.0 1.5 1.1 1.1 0.9 1.0 Race White.................................................................................................................... Black..................................................................................................................... Asian..................................................................................................................... Other..................................................................................................................... 1.9 1.7 0.5 1.3 1.5 1.2 0.4 1.0 1.6 1.3 0.5 1.1 Ethnicity Hispanic or Latino................................................................................................ 1.6 1.2 1.3 0.9 1.0 1.6 1.1 0.8 0.7 1.0 1.6 1.2 0.8 0.7 U.S. Population age 18 + older (millions) Number of survey respondents Education No high school diploma........................................................................................ High school........................................................................................................... Some college........................................................................................................ College.................................................................................................................. Post-graduate study............................................................................................... 1.3 0.8 0.8 * Estimates are weighted. The table of unweighted sample demographics is available upon request. Notes: 1, 4. Survey of Consumer Payment Choice Version of October 2014 T-45 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 37 Income and Labor Force Status Percentage of consumers* 2010ʳ 2011 2012 Household income Less than $25,000................................................................................................... $25,000–$49,999.................................................................................................... $50,000–$74,999.................................................................................................... $75,000–$99,999.................................................................................................... $100,000–$124,999................................................................................................ $125,000 or more.................................................................................................... $125,000–$199,999............................................................................................. $200,000 or more................................................................................................. 1.8 1.5 1.3 1.0 0.7 0.7 0.5 0.4 1.4 1.3 1.1 0.9 0.7 0.7 0.7 0.4 1.4 1.3 1.1 1.0 0.8 0.8 0.7 0.4 Respondent income Highest in household............................................................................................... About equal with highest......................................................................................... 2nd highest.............................................................................................................. 3rd highest or lower................................................................................................ 1.7 1.4 1.4 1.1 1.5 1.0 1.2 0.9 1.5 1.2 1.3 0.9 Labor force status Working now........................................................................................................... Unemployed and looking for work†........................................................................ Temporarily laid off, on sick or other leave............................................................ Disabled.................................................................................................................. Retired..................................................................................................................... Homemaker............................................................................................................. Other....................................................................................................................... 1.6 1.3 0.4 0.9 1.1 0.9 0.5 1.4 1.0 0.3 0.8 1.0 0.8 0.4 1.5 1.0 0.2 0.9 1.1 0.9 0.4 * Estimates are weighted. The table of unweighted sample demographics is available upon request. † The number for unemployment differs from the official BLS numbers because of differences between the ALP and the BLS in the methodologies for collecting the data and computing the unemployment rate. Notes: 1, 4. Survey of Consumer Payment Choice Version of October 2014 T-46 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 38 Consumers' Financial Responsibility in the Household Percentage of consumers Budgeting All............................................................................................................................ Most......................................................................................................................... Shared equally......................................................................................................... Some........................................................................................................................ None........................................................................................................................ Bill payment All............................................................................................................................ Most......................................................................................................................... Shared equally......................................................................................................... Some........................................................................................................................ None........................................................................................................................ Shopping All............................................................................................................................ Most......................................................................................................................... Shared equally......................................................................................................... Some........................................................................................................................ None........................................................................................................................ Asset management All............................................................................................................................ Most......................................................................................................................... Shared equally......................................................................................................... Some........................................................................................................................ None........................................................................................................................ Saving and investing All............................................................................................................................ Most......................................................................................................................... Shared equally......................................................................................................... Some........................................................................................................................ None........................................................................................................................ Other All............................................................................................................................ Most......................................................................................................................... Shared equally......................................................................................................... Some........................................................................................................................ None........................................................................................................................ 2010ʳ 2011 2012 1.7 1.2 1.3 1.1 1.2 na na na na na na na na na na 1.7 1.2 1.2 1.2 1.2 1.5 0.8 1.0 0.9 1.1 1.5 0.8 1.2 0.9 1.1 1.6 1.2 1.4 1.5 1.0 1.4 1.0 1.2 1.0 1.0 1.4 1.0 1.3 1.2 0.9 1.6 1.2 1.4 1.0 1.5 na na na na na na na na na na na na na na 1.4 0.9 1.3 0.9 1.0 1.4 1.1 1.3 1.0 1.0 na na na na na 1.4 1.0 1.3 0.8 1.0 1.4 1.1 1.3 1.1 0.9 Notes: 1, 2, 4. Survey of Consumer Payment Choice Version of October 2014 T-47 ©2008-2014 Federal Reserve Bank of Boston 2011-12 SCPC Standard Errors Tables Table 39 Selected Assets and Liabilities Percentage of consumers, except as noted 2010ʳ 2011 2012 Home ownership Home ownership rate .............................................................................................. 1.8 1.5 1.5 Credit card debt Carried unpaid balance at any time during the past 12 months .............................. 1.6 1.4 1.4 Mean credit card balance unpaid, previous month (dollars) Per credit card adopter........................................................................................ Per adopter with unpaid balance......................................................................... 333 559 294 480 281 477 Median credit card balance unpaid, previous month (dollars) Per credit card adopter........................................................................................ Per adopter with unpaid balance......................................................................... 76 249 96 364 71 344 Change in unpaid balance since a year ago Much lower.......................................................................................................... Lower................................................................................................................... About the same..................................................................................................... Higher................................................................................................................... Much higher......................................................................................................... 1.4 2.2 2.2 1.6 1.3 1.5 1.9 2.1 1.7 1.1 1.5 1.9 2.1 1.9 1.5 na na na na na na na na na na na na na 1.5 1.0 1.9 1.9 1.7 1.5 0.8 0.2 0.1 1.0 Paid interest rate, card with largest balance 0%........................................................................................................................ 0.01–5.00.............................................................................................................. 5.01–10.00............................................................................................................ 10.01–15.00.......................................................................................................... 15.01–20.00.......................................................................................................... 20.01–25.00.......................................................................................................... 25.01–30.00.......................................................................................................... 30.01–35.00.......................................................................................................... More than 35%..................................................................................................... I don't know.......................................................................................................... na na na na na na Notes: 1, 2, 4. Survey of Consumer Payment Choice Version of October 2014 T-48 ©2008-2014 Federal Reserve Bank of Boston