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2013 Survey of Consumer Payment Choice Standard Errors Tables Table 1 Current Ownership of Accounts and Account Access Technologies Percentage of consumers 2011ʳ 2012ʳ 2013 Deposit and payment accounts................................................................................ Bank deposit accounts........................................................................................... Checking.............................................................................................................. Primary account earns interest........................................................................... Overdraft protection.......................................................................................... Savings................................................................................................................. Traditional or passbook..................................................................................... Money market*.................................................................................................. With check privileges*................................................................................... 0.7 1.0 1.1 1.5 1.5 1.4 1.4 na na 0.4 1.1 1.1 1.5 1.6 1.4 1.4 na na 0.6 0.9 0.9 1.5 1.3 1.2 1.2 na na Nonbank payment accounts.................................................................................. Amazon payments................................................................................................ Google checkout................................................................................................... Paypal................................................................................................................... Other..................................................................................................................... 1.5 1.0 0.6 1.4 0.4 1.7 1.1 0.6 1.6 0.4 1.4 1.0 0.6 1.4 0.3 Other accounts....................................................................................................... Prepaid cards (bank and nonbank)....................................................................... Credit and charge cards........................................................................................ 1.2 2.1 1.5 1.1 1.5 1.5 1.0 1.4 1.3 Deposit account access technologies....................................................................... ATM card................................................................................................................ ATM card (no debit feature)................................................................................ Debit card............................................................................................................. Telephone banking.................................................................................................. Online banking........................................................................................................ Mobile banking....................................................................................................... App installed........................................................................................................ 1.2 1.3 1.4 1.3 1.4 1.5 1.4 1.1 1.2 1.3 1.4 1.3 1.4 1.5 1.5 1.3 1.0 1.1 1.3 1.2 1.3 1.3 1.4 1.3 Information and communication technologies....................................................... Mobile phone.......................................................................................................... Smart phone (iPhone, Android, BlackBerry, etc.)................................................ Tablet...................................................................................................................... 0.8 0.8 1.4 na 0.6 0.6 1.5 1.3 0.7 0.7 1.3 na * The 2011–2013 SCPC surveys did not ask questions about money market accounts, but it is possible that questions about money market accounts may appear in future surveys. Notes: 1–4, 11, 13. Survey of Consumer Payment Choice Version of September 2015 T-1 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 2 Historical Ownership of Accounts and Account Access Technologies Percentage of consumers 2011 2012 2013 Deposit and payment accounts............................................................................... Bank deposit accounts.......................................................................................... Checking.............................................................................................................. Primary account earns interest.......................................................................... Overdraft protection.......................................................................................... Savings................................................................................................................. Traditional or passbook.................................................................................... Money market*................................................................................................. With check privileges*.................................................................................. 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 0.5 0.7 0.7 na na 0.9 0.9 na na Nonbank payment accounts................................................................................. Amazon payments................................................................................................ Google checkout.................................................................................................. Paypal.................................................................................................................. Other.................................................................................................................... na na na na na na na na na na na na na na na Other accounts...................................................................................................... Prepaid cards (bank and nonbank)....................................................................... Credit and charge cards........................................................................................ 1.1 1.8 1.3 0.9 1.3 1.3 0.8 1.3 1.1 Deposit account access technologies....................................................................... ATM card............................................................................................................... ATM card (no debit feature)................................................................................ Debit card............................................................................................................ Telephone banking.................................................................................................. Online banking........................................................................................................ Mobile banking....................................................................................................... App installed........................................................................................................ 0.7 1.1 1.4 1.2 1.5 1.4 1.5 1.2 0.4 1.1 1.5 1.2 1.5 1.4 1.5 1.4 0.8 0.9 1.3 1.1 1.4 1.2 1.4 na Information and communication technologies...................................................... Mobile phone.......................................................................................................... Smart phone (iPhone, Android, BlackBerry, etc.)............................................... Tablet...................................................................................................................... 0.5 0.5 na na 0.4 0.4 na na 0.5 0.5 na na * The 2011–2013 SCPC surveys did not ask questions about money market accounts, but it is possible that questions about money market accounts may appear in future surveys. Notes: 1–4, 8, 11, 13. Survey of Consumer Payment Choice Version of September 2015 T-2 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 3 Discarding of Accounts and Account Access Technologies Percentage of consumers 2011 2012ʳ 2013 Deposit and payment accounts............................................................................... Bank deposit accounts.......................................................................................... Checking.............................................................................................................. Primary account earns interest.......................................................................... Overdraft protection.......................................................................................... Savings................................................................................................................. Traditional or passbook.................................................................................... Money market*................................................................................................. With check privileges*.................................................................................. 0.4 0.8 0.8 na na 1.2 1.2 na na 0.3 0.7 0.8 na na 1.0 1.0 na na 0.3 0.6 0.6 na na 1.0 1.0 na na Nonbank payment accounts................................................................................. Amazon payments................................................................................................ Google checkout.................................................................................................. Paypal.................................................................................................................. Other.................................................................................................................... na na na na na na na na na na na na na na na Other accounts...................................................................................................... Prepaid cards (bank and nonbank)....................................................................... Credit and charge cards........................................................................................ 0.9 1.8 1.1 0.8 1.3 1.1 0.7 1.1 0.9 Deposit account access technologies....................................................................... ATM card............................................................................................................... ATM card (no debit feature)................................................................................ Debit card............................................................................................................ Telephone banking.................................................................................................. Online banking........................................................................................................ Mobile banking....................................................................................................... App installed........................................................................................................ 0.9 0.9 1.2 0.8 0.9 0.8 0.6 0.3 0.7 0.8 1.3 0.8 0.9 0.6 0.8 0.5 0.7 0.8 1.2 0.7 0.7 0.7 0.1 na Information and communication technologies...................................................... Mobile phone.......................................................................................................... Smart phone (iPhone, Android, BlackBerry, etc.)............................................... Tablet...................................................................................................................... 0.7 0.7 na na 0.5 0.5 na na 0.5 0.5 na na * The 2011–2013 SCPC surveys did not ask questions about money market accounts, but it is possible that questions about money market accounts may appear in future surveys. Notes: 1–4, 9, 11, 13. Survey of Consumer Payment Choice Version of September 2015 T-3 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 4 Primary Bank Account Holdings, by Type of Deposit Account and Financial Institution 2011ʳ 2012ʳ 2013 Primary checking account........................................................................................ Commercial bank..................................................................................................... Savings and loan...................................................................................................... Credit union............................................................................................................. Brokerage................................................................................................................. Internet bank............................................................................................................ Other........................................................................................................................ 1.1 1.5 0.7 1.1 0.2 0.3 0.6 1.1 1.5 0.8 1.2 0.1 0.3 0.3 0.9 1.3 0.6 1.0 0.1 0.2 0.3 Primary savings account.......................................................................................... Commercial bank..................................................................................................... Savings and loan...................................................................................................... Credit union............................................................................................................. Brokerage................................................................................................................. Internet bank............................................................................................................ Other........................................................................................................................ 1.4 1.4 0.6 1.2 0.2 0.4 0.4 1.4 1.4 0.8 1.3 0.3 0.5 0.2 1.2 1.3 0.6 1.1 0.2 0.3 0.1 2011 2012 2013 Primary checking account........................................................................................ Commercial bank..................................................................................................... Savings and loan...................................................................................................... Credit union............................................................................................................. Brokerage................................................................................................................. Internet bank............................................................................................................ Other........................................................................................................................ 1.4 0.7 1.2 0.2 0.4 0.6 1.5 0.9 1.3 0.1 0.3 0.3 1.3 0.7 1.2 0.1 0.2 0.3 Primary savings account.......................................................................................... Commercial bank..................................................................................................... Savings and loan...................................................................................................... Credit union............................................................................................................. Brokerage................................................................................................................. Internet bank............................................................................................................ Other........................................................................................................................ 1.6 0.8 1.5 0.3 0.6 0.5 1.6 1.0 1.6 0.4 0.6 0.3 1.5 0.8 1.4 0.3 0.4 0.2 Percentage of consumers* Percentage of account adopters† * Due to missing values, percentages do not add up to the percent of adopters of checking or savings accounts from Table 1. † Adopters are respondents who have identified themselves as owning and/or using that type of account. For example, 1.3 percent of checking account adopters identified "commercial bank" as the location of their primary checking account in 2013. Notes: 1–4. Survey of Consumer Payment Choice Version of September 2015 T-4 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 5 Interest rates on primary accounts Percentage of adopters of checking or savings accounts 2011 2012 2013 Checking account interest rate 0%........................................................................................................................... 0.01–0.05................................................................................................................. 0.06–0.10................................................................................................................. 0.11–0.15................................................................................................................. 0.16–0.20................................................................................................................. 0.21–0.25................................................................................................................. 0.26–0.50................................................................................................................. 0.51–0.75................................................................................................................. 0.76–1.00................................................................................................................. 1.01–1.50................................................................................................................. 1.51–2.00................................................................................................................. 2.01–2.50................................................................................................................. 2.51–3.00................................................................................................................. More than 3%.......................................................................................................... Don't know.............................................................................................................. 1.5 1.3 0.7 0.3 0.5 0.3 0.2 0.2 0.2 0.4 0.1 0.0 0.1 0.2 1.1 1.5 1.3 0.7 0.3 0.3 0.3 0.3 0.4 0.3 0.4 0.3 0.2 0.2 0.1 1.1 1.5 1.3 0.5 0.3 0.2 0.3 0.2 0.3 0.3 0.4 0.2 0.2 0.2 0.2 0.9 Savings account interest rate 0%........................................................................................................................... 0.01–0.05................................................................................................................. 0.06–0.10................................................................................................................. 0.11–0.15................................................................................................................. 0.16–0.20................................................................................................................. 0.21–0.25................................................................................................................. 0.26–0.50................................................................................................................. 0.51–0.75................................................................................................................. 0.76–1.00................................................................................................................. 1.01–1.50................................................................................................................. 1.51–2.00................................................................................................................. 2.01–2.50................................................................................................................. 2.51–3.00................................................................................................................. More than 3%.......................................................................................................... Don't know.............................................................................................................. 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 1.1 1.6 0.9 0.4 0.5 0.6 0.6 0.6 0.5 0.6 0.5 0.3 0.3 0.4 1.2 Notes: 2, 4. Survey of Consumer Payment Choice Version of September 2015 T-5 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 6 Current Adoption of Payment Instruments, by Type of Asset or Liability Percentage of consumers 2011 2012 2013 Assets......................................................................................................................... Money (M1)*......................................................................................................... Cash (currency).................................................................................................... Traveler's check.................................................................................................... Demand deposit accounts, consumer.................................................................... Checks............................................................................................................... Certified......................................................................................................... Debit card.......................................................................................................... Online banking bill payment............................................................................. Bank account number payment......................................................................... Other deposit accounts Cashier's check.................................................................................................. Unknown asset type............................................................................................... Direct deduction from income.............................................................................. Money order......................................................................................................... Prepaid card......................................................................................................... 0.0 0.0 0.2 0.4 0.9 1.3 na 1.3 1.5 1.5 0.0 0.0 0.0 0.3 0.7 1.3 0.6 1.3 1.5 1.5 0.1 0.1 0.2 0.3 0.7 1.1 0.6 1.2 1.4 1.4 na 1.4 1.3 1.3 2.1 0.8 1.4 1.1 1.4 1.5 0.8 1.3 1.1 1.1 1.4 Liabilities................................................................................................................... Credit or charge card............................................................................................... Credit ................................................................................................................... Charge.................................................................................................................. Text/SMS mobile payment...................................................................................... 1.5 1.5 1.5 0.7 0.5 1.5 1.5 1.5 0.9 0.6 1.2 1.3 1.3 0.6 0.9 * For M1 official definition, see Federal Reserve Statistical Release H.6. Notes: 1–4, 7, 13. Survey of Consumer Payment Choice Version of September 2015 T-6 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 7 Current Adoption of Payment Instruments, by Form of Instrument and Other Means of Payment Percentage of consumers 2011 2012 2013 Paper instruments.................................................................................................... Cash......................................................................................................................... Checks..................................................................................................................... Certified check..................................................................................................... Cash and check substitutes...................................................................................... Money order......................................................................................................... Traveler's check.................................................................................................... Cashier's check..................................................................................................... 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 0.1 0.2 1.1 0.6 1.2 1.1 0.3 0.8 Payment cards.......................................................................................................... Debit........................................................................................................................ Credit or charge card............................................................................................... Credit.................................................................................................................... Charge ................................................................................................................. Prepaid.................................................................................................................... 1.2 1.3 1.5 1.5 0.7 2.1 0.6 1.3 1.5 1.5 0.9 1.5 0.7 1.2 1.3 1.3 0.6 1.4 Electronic payments................................................................................................. Online banking bill payment................................................................................... Bank account number payment............................................................................... 1.4 1.5 1.5 1.4 1.5 1.5 1.2 1.4 1.4 Other means of payment.......................................................................................... Direct deduction from income................................................................................. 1.3 1.3 1.1 1.1 1.1 1.1 Notes: 1–4, 7, 13. Survey of Consumer Payment Choice Version of September 2015 T-7 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 8 Historical Adoption of Payment Instruments, by Form of Instrument and Other Means of Payment Percentage of consumers 2011 2012 2013 Paper instruments.................................................................................................... Cash......................................................................................................................... Checks..................................................................................................................... Certified check..................................................................................................... Cash and check substitutes...................................................................................... Money order......................................................................................................... Traveler's check.................................................................................................... Cashier's check..................................................................................................... 1.3 na na na na 1.3 na na 1.3 na na na na 1.3 na na 1.1 na na na na 1.1 na na Payment cards.......................................................................................................... Debit........................................................................................................................ Credit or charge card............................................................................................... Credit.................................................................................................................... Charge.................................................................................................................. Prepaid.................................................................................................................... 0.8 1.2 1.3 na na 1.8 0.4 1.2 1.3 na na 1.3 0.5 1.1 1.1 na na 1.3 Electronic payments................................................................................................. Online banking bill payment................................................................................... Bank account number payment............................................................................... 1.5 1.5 na 1.5 1.5 na 1.3 1.3 na Other means of payment.......................................................................................... Direct deduction from income................................................................................. na na na na na na Notes: 1–4, 7, 8, 13. Survey of Consumer Payment Choice Version of September 2015 T-8 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 9 Discarding of Payment Instruments, by Form of Instrument and Other Means of Payment Percentage of consumers 2011 2012 2013 Paper instruments.................................................................................................... Cash......................................................................................................................... Checks..................................................................................................................... Certified check..................................................................................................... Cash and check substitutes...................................................................................... Money order......................................................................................................... Traveler's check.................................................................................................... Cashier's check..................................................................................................... 1.5 na na na na 1.5 na na 1.5 na na na na 1.5 na na 1.3 na na na na 1.3 na na Payment cards.......................................................................................................... Debit........................................................................................................................ Credit or charge card............................................................................................... Credit.................................................................................................................... Charge.................................................................................................................. Prepaid.................................................................................................................... 0.5 0.8 1.1 na na 1.8 0.4 0.8 1.1 na na 1.3 0.4 0.7 0.9 na na 1.1 Electronic payments................................................................................................. Online banking bill payment................................................................................... Bank account number payment............................................................................... 0.9 0.9 na 0.7 0.7 na 0.7 0.7 na Other means of payment.......................................................................................... Direct deduction from income................................................................................. na na na na na na Notes: 1–4, 9, 13. Survey of Consumer Payment Choice Version of September 2015 T-9 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 10 Current Adoption of Debit, Credit, and Charge Cards, by Instrument Type and Features Percentage of consumers 2011 2012 2013 Debit cards............................................................................................................... Rewards.................................................................................................................. Nonrewards............................................................................................................ Contactless............................................................................................................. 1.3 na na 1.0 1.3 1.3 na 0.9 1.2 1.0 na 0.8 Credit cards or charge cards.................................................................................. Rewards.................................................................................................................. Nonrewards............................................................................................................ 1.5 1.5 1.4 1.5 1.5 1.5 1.3 1.4 1.3 Credit..................................................................................................................... Rewards............................................................................................................... Nonrewards......................................................................................................... Contactless.......................................................................................................... 1.5 1.5 1.4 0.7 1.5 1.5 1.5 0.9 1.3 1.4 1.3 0.8 General purpose.................................................................................................. Rewards............................................................................................................ Nonrewards...................................................................................................... Visa, MasterCard, Discover ............................................................................ Visa............................................................................................................... MasterCard.................................................................................................... Discover........................................................................................................ American Express ............................................................................................ Company or store branded ................................................................................. Rewards............................................................................................................ Nonrewards...................................................................................................... 1.5 1.4 1.3 1.5 na na na 0.8 1.4 1.1 1.1 1.5 1.5 1.3 1.5 na na na 0.9 1.5 1.2 1.2 1.3 1.4 1.2 1.3 1.3 1.3 1.1 1.0 1.4 1.1 1.1 Charge................................................................................................................... Rewards............................................................................................................... Nonrewards......................................................................................................... American Express charge cards........................................................................... Rewards............................................................................................................ Nonrewards...................................................................................................... Diners Club or other charge cards....................................................................... Rewards............................................................................................................ Nonrewards...................................................................................................... 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 0.6 0.5 0.3 0.6 0.5 0.3 0.2 0.1 0.1 Notes: 1–4, 10. Survey of Consumer Payment Choice Version of September 2015 T-10 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 11 Current Adoption of Prepaid Cards and Contactless Technologies, by Instrument Type and Features Percentage of consumers 2011ʳ 2012ʳ 2013 Prepaid cards*........................................................................................................... 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................................................................................... 2.1 0.6 1.6 1.0 1.5 0.9 na 1.1 0.4 0.2 1.1 2.0 1.9 0.9 0.2 0.8 0.4 1.2 1.5 0.7 1.3 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 1.4 0.4 1.0 0.3 0.8 0.7 0.4 0.8 0.3 0.3 0.8 1.3 1.2 0.5 0.1 0.6 0.4 0.8 Contactless Technologies.......................................................................................... Any payment card.................................................................................................... Electronic toll payment............................................................................................ Mobile app............................................................................................................... Key fob.................................................................................................................... Mobile phone†......................................................................................................... 1.7 1.2 0.8 na 0.4 0.4 1.3 1.2 0.8 na 0.4 0.3 1.2 1.1 0.9 0.6 0.3 0.3 * In 2011, the prepaid cards question asked respondents about 12 different types of prepaid cards. In 2012 and beyond, the question asked respondents about one additional type of prepaid card, for a total of 13 categories. † Adoption means the consumer had and used the instrument in a given year. Notes: 1–4, 7, 12, 13. Survey of Consumer Payment Choice Version of September 2015 T-11 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 12 Number of Adopted Accounts and Payment Cards Mean number per adopter* 2011ʳ 2012ʳ 2013 Deposit accounts....................................................................................................... Checking................................................................................................................. Savings.................................................................................................................... Traditional or passbook........................................................................................ Money market†.................................................................................................... 0.1 0.0 0.0 na na 0.1 0.0 0.0 na na 0.0 0.0 0.0 na na Payment cards.......................................................................................................... ATM card................................................................................................................ ATM card (no debit feature)................................................................................ Debit card............................................................................................................. 0.2 0.1 0.1 0.0 0.2 0.0 0.0 0.0 0.1 0.0 0.0 0.0 Credit cards or charge cards.................................................................................... Rewards................................................................................................................ Nonrewards.......................................................................................................... 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 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 0.1 0.1 0.1 0.1 0.1 Branded ............................................................................................................ Rewards.......................................................................................................... Nonrewards.................................................................................................... 0.1 0.0 0.0 0.1 0.0 0.1 0.1 0.0 0.1 Charge ................................................................................................................. Rewards............................................................................................................. Nonrewards....................................................................................................... 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Prepaid cards........................................................................................................... Government related.............................................................................................. Employer related.................................................................................................. Other..................................................................................................................... 0.2 0.0 0.0 0.3 0.1 0.0 0.0 0.1 0.1 0.0 0.0 0.1 * 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. † The 2011–2013 SCPC surveys did not ask questions about money market accounts, but it is possible that questions about money market accounts may appear in future surveys. Notes: 1–4, 7, 10, 13. Survey of Consumer Payment Choice Version of September 2015 T-12 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 13 Mean Number of Payment Instruments Adopted by Account and Payment Instrument Adopters Mean number per consumer or adopter 2011 2012 2013 Available number of payment instruments (all consumers)................................. 9.0 9.0 9.0 Total (all consumers)............................................................................................. Paper instruments................................................................................................. Card instruments................................................................................................... Electronic instruments.......................................................................................... 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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....................................................................................... Traveler's check adopters.................................................................................. 0.1 0.1 0.0 0.1 0.2 0.1 0.1 0.0 0.1 s 0.0 0.0 0.0 0.1 s Payment card adopters...................................................................................... Debit adopters................................................................................................... Credit adopters.................................................................................................. Prepaid adopters................................................................................................ 0.1 0.0 0.0 0.1 0.0 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 Deposit account nonadopters............................................................................ 0.1 0.1 0.1 Notes: 1, 3, 4, 6, 7, 13, 15. Survey of Consumer Payment Choice Version of September 2015 T-13 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 14 Cash and Prepaid Card Holdings Dollars per consumer, except as noted Mean 2012ʳ 78 8 79 Median 2011ʳ 2012ʳ 5 5 2 2 2 3 Cash holdings...................................................................................... On person.......................................................................................... On property....................................................................................... 2011ʳ 29 4 30 Excluding large-value holdings*....................................................... On person....................................................................................... On property.................................................................................... 11 4 11 16 8 14 12 3 12 5 1 1 5 2 3 3 2 2 Prepaid card holdings........................................................................ Prepaid card holdings, adopters only................................................ 68 133 20 37 na na 2 7 3 8 na na 2013 114 3 118 2013 4 1 3 * Large value holdings are values greater than the 98th percentile of all observations. Estimates are for the sub-sample of respondents with total cash holdings of less than or equal to the 98th percentile. Large value holdings cut-offs are approximately $2,711 in 2011, $3,600 for in 2012, and $4,120 in 2013. Notes: 1–5, 13. Survey of Consumer Payment Choice Version of September 2015 T-14 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 15 Cash Holdings, by Adoption of Deposit Accounts and Payment Instruments Dollars per consumer*† Mean Adopters 2011ʳ 2012ʳ 2013 Deposit account .................................. 12 15 13 On person.......................................... 4 4 3 On property....................................... 11 14 13 5 2 2 Median 2012ʳ 5 2 3 2011ʳ 2013 4 1 3 ATM or debit card ............................ On person.......................................... On property....................................... 12 3 12 11 4 10 13 4 13 4 1 2 4 2 3 3 2 2 Credit card ......................................... On person.......................................... On property....................................... 13 3 13 20 10 17 16 4 16 6 2 3 7 3 3 6 2 4 Prepaid card ....................................... On person.......................................... On property....................................... 25 10 25 21 6 20 16 5 15 9 4 3 10 3 4 6 2 4 Money order....................................... On person.......................................... On property....................................... 19 9 15 43 31 27 Mean 2012ʳ 27 5 26 12 4 3 11 5 4 Median 2012ʳ 7 2 2 Nonadopters 2011ʳ 2013 2011ʳ 2013 Deposit account................................... On person.......................................... On property....................................... 30 11 26 119 91 77 20 10 16 5 2 2 19 9 12 11 3 6 ATM or debit card............................. On person.......................................... On property....................................... 29 14 26 82 43 72 31 7 29 21 7 4 22 7 10 17 7 9 Credit card.......................................... On person.......................................... On property....................................... 21 9 19 28 7 25 14 5 13 6 2 1 5 3 1 5 2 2 Prepaid card........................................ On person.......................................... On property....................................... 19 5 17 25 15 21 18 4 18 11 3 2 5 4 2 6 3 2 Money order....................................... On person.......................................... On property....................................... 13 4 13 17 4 17 14 4 13 5 2 2 5 2 3 5 2 4 * "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. † Excluding large value holdings. See Table 14 for definition of large value holdings. Notes: 1–5, 7, 13. Survey of Consumer Payment Choice Version of September 2015 T-15 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 16 Cash Withdrawals, Total and at Most Frequented Location Dollars per consumer per location, except as noted* Cash withdrawals per month†................................................. Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 2011 28 6 0.2 Mean 2012 47 6 0.4 2013 54 4 0.4 2011 15 5 0.2 Most frequented location per month.................................... Amount per withdrawal........................................................ Withdrawals (number per month)......................................... 25 6 0.2 29 6 0.2 45 5 0.3 16 10 0.2 14 9 0.2 7 2 0.2 All other locations per month............................................... Amount per withdrawal........................................................ Withdrawals (number per month)......................................... 11 4 0.1 26 5 0.2 15 3 0.1 3 2 0.0 2 2 0.0 2 2 0.1 2011 Mean 2012 2013 2011 ATM........................................................................................... Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 28 4 0.3 39 5 0.3 27 4 0.2 16 4 0.2 16 5 0.2 7 3 0.1 Bank teller................................................................................. Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 53 15 0.2 51 15 0.3 104 13 0.8 25 10 0.1 49 12 0.2 38 11 0.2 Check cashing store.................................................................. Amount per withdrawal........................................................... Withdrawals (number per month)............................................ s s s s s s s s s s s s s s s s s s Retail or grocery store.............................................................. Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 12 2 0.4 10 2 0.3 39 2 0.8 4 4 0.3 8 3 0.2 7 3 0.2 Employer................................................................................... Amount per withdrawal........................................................... Withdrawals (number per month)............................................ s s s 232 37 1.1 482 34 1.0 s s s 282 39 0.9 194 20 0.7 Family or friend........................................................................ Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 34 16 0.7 180 8 2.3 79 21 1.3 18 6 0.2 17 8 0.3 15 6 0.1 Other.......................................................................................... Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 339 44 2.0 281 24 2.0 803 40 3.6 124 32 0.7 158 21 0.6 175 22 1.3 Total At Most Frequented Location, per month Median 2012 15 6 0.1 Median 2012 2013 13 4 0.1 2013 * 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, 15. Survey of Consumer Payment Choice Version of September 2015 T-16 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 17 Cash Withdrawal Preferences, by Location and Method Percentage of consumers Share of Consumers Making a Cash Withdrawal Monthly...................................................................................... Annually..................................................................................... Most Frequented Location ATM........................................................................................... Bank teller.................................................................................. Check cashing store.................................................................... Retail or grocery store................................................................ Employer.................................................................................... Family or friend.......................................................................... Other........................................................................................... Most Frequent Method, by Location 2011 0.7 0.4 2011 1.5 1.2 0.5 0.8 0.6 0.8 0.6 2011 Mean 2012 0.8 0.3 Mean 2012 1.5 1.3 0.6 0.9 0.6 0.7 0.6 Mean 2013 0.8 0.4 2013 1.4 1.2 0.5 0.9 0.5 0.7 0.5 2012ʳ 2013 ATM Debit card................................................................................ ATM card................................................................................ Prepaid card............................................................................. Credit card cash advance......................................................... Other type of card.................................................................... na na na na na 2.0 1.6 1.4 0.2 0.7 1.6 1.4 0.5 0.5 0.6 Retail store Debit card................................................................................ Write a check........................................................................... Prepaid card............................................................................. Other method........................................................................... na na na na 2.7 1.0 0.8 2.4 2.3 1.0 1.5 1.6 Notes: 1–4. Survey of Consumer Payment Choice Version of September 2015 T-17 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 18 Total Cash Withdrawals, by Adoption of Deposit Accounts and Payment Instrument Dollars per consumer per location, except as noted* Mean Adopters, per month 2011 2012 2013 Median 2011 2012 2013 Deposit account......................................................................... Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 26 4 0.2 32 5 0.3 44 4 0.4 10 4 0.2 17 4 0.1 10 3 0.3 ATM or debit card.................................................................... Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 28 4 0.2 34 5 0.3 47 4 0.4 12 3 0.2 16 3 0.1 10 3 0.1 Credit card................................................................................ Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 20 5 0.2 49 4 0.4 37 5 0.3 13 4 0.2 16 5 0.3 9 4 0.2 Prepaid card.............................................................................. Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 63 14 0.5 61 7 0.5 82 6 0.6 32 7 0.3 23 7 0.1 14 5 0.1 Money order.............................................................................. Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 80 12 0.6 177 12 1.5 205 10 1.6 35 10 0.1 56 9 0.5 35 6 0.3 Mean Nonadopters, per month Median 2011 2012 2013 2011 2012 2013 Deposit account......................................................................... Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 124 52 1.1 442 43 3.2 438 27 2.6 116 37 0.6 165 27 0.8 119 24 0.6 ATM or debit card.................................................................... Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 65 25 0.7 213 22 1.6 229 17 1.4 50 11 0.4 51 25 0.5 56 15 0.3 Credit card................................................................................ Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 76 17 0.6 109 18 1.0 160 10 1.2 38 9 0.1 55 10 0.1 44 5 0.1 Prepaid card.............................................................................. Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 56 16 0.5 74 9 0.6 71 6 0.6 19 7 0.3 25 7 0.3 13 4 0.2 Money order.............................................................................. Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 27 7 0.2 34 7 0.2 42 5 0.3 12 5 0.2 16 5 0.3 9 4 0.2 * Amount withdrawn per month is obtained from the amount per withdrawal times the number of withdrawals, calculated for each consumer. Notes: 1–5, 7. Survey of Consumer Payment Choice Version of September 2015 T-18 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 19 Share of Consumers or Adopters Using Accounts and Technologies Percentage of consumers or adopters Percentage of consumers 2011 2012 2013 Nonbank payment accounts.................................................................................................... Online payment service provider............................................................................................. Prepaid card reloading............................................................................................................ Dollar amount per reloading, reloaders only........................................................................ Number of reloads per month, reloaders only...................................................................... 1.4 1.3 1.1 24.9 0.1 1.6 1.5 1.0 44.6 0.2 1.3 1.3 na na na Deposit account access technologies....................................................................................... Bank branch visit*................................................................................................................... ATM........................................................................................................................................ Telephone banking.................................................................................................................. Online banking........................................................................................................................ Using a computer or laptop.................................................................................................. Using a mobile phone........................................................................................................... Using other internet connected device................................................................................. Online banking, using a mobile banking app....................................................................... Mobile banking....................................................................................................................... 1.2 1.4 1.4 1.3 1.5 1.5 1.1 1.1 na 1.4 1.3 1.5 1.5 1.3 1.5 1.5 1.3 1.3 na 1.4 1.0 1.2 1.3 1.2 1.3 1.3 1.2 na 1.2 1.3 2011 2012 2013 Nonbank payment accounts.................................................................................................... Online payment service provider............................................................................................. Prepaid card reloading............................................................................................................ Dollar amount per reloading, reloaders only........................................................................ Number of reloads per month, reloaders only...................................................................... 1.7 1.7 na na na 1.9 1.9 na na na 1.6 1.6 na na na Deposit account access technologies....................................................................................... Bank branch visit*................................................................................................................... ATM........................................................................................................................................ Telephone banking.................................................................................................................. Online banking........................................................................................................................ Using a computer or laptop.................................................................................................. Using a mobile phone........................................................................................................... Using other internet connected device................................................................................. Online banking, using a mobile banking app....................................................................... Mobile banking....................................................................................................................... 0.7 1.3 1.1 1.4 1.4 1.4 1.1 1.2 na 1.4 0.8 1.4 1.3 1.3 1.3 1.4 1.3 1.4 na 1.5 0.6 1.1 1.3 1.3 1.2 1.3 1.2 na 1.3 1.4 Percentage of adopters * 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, 14. Survey of Consumer Payment Choice Version of September 2015 T-19 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 20 Checking Account Balances, in a Given Year Percentage of consumers, except where noted 2011 2012 2013 Method of checking bank account balance................................................................................ ATM........................................................................................................................................... Bank website............................................................................................................................... Bank mobile app......................................................................................................................... Bank teller................................................................................................................................... Voice call.................................................................................................................................... Paper bank statement.................................................................................................................. Other........................................................................................................................................... na na na na na na na na na na na na na na na na 0.9 1.4 1.3 1.3 1.4 1.1 1.4 0.4 Method of checking bank account balance, percentage of bank account adopters................ ATM........................................................................................................................................... Bank website............................................................................................................................... Bank mobile app......................................................................................................................... Bank teller................................................................................................................................... Voice call.................................................................................................................................... Paper bank statement.................................................................................................................. Other........................................................................................................................................... na na na na na na na na na na na na na na na na 0.3 1.5 1.2 1.4 1.4 1.2 1.5 0.4 Mean number of times consumers check their account balance, per month Bank account............................................................................................................................... Credit card.................................................................................................................................. Prepaid card................................................................................................................................ na na na na na na 4.2 0.4 1.7 Median number of times consumers check their account balance, per month Bank account............................................................................................................................... Credit card.................................................................................................................................. Prepaid card................................................................................................................................ na na na na na na 1.0 0.2 0.2 Notes: 1–4. Survey of Consumer Payment Choice Version of September 2015 T-20 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 21 Mobile Banking and Mobile Payments Percentage of consumers, except as noted Banking 2011 2012 2013 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..................................... Take a photo of a check to deposit it....................................................................... Send a text message to your bank............................................................................ 1.4 1.1 1.3 1.1 1.1 1.0 na na 1.5 1.3 1.4 1.1 1.2 1.2 na na 1.4 1.3 1.3 1.2 1.1 1.2 0.9 0.6 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..................................... Take a photo of a check to deposit it....................................................................... Send a text message to your bank............................................................................ 1.5 1.2 1.5 1.4 1.2 1.2 na na 1.5 1.4 1.6 1.4 1.4 1.4 na na 1.4 na 1.3 1.2 1.2 1.2 1.0 0.7 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..................................... Take a photo of a check to deposit it....................................................................... Send a text message to your bank............................................................................ 0.6 0.3 0.7 0.7 0.4 0.2 na na 0.8 0.5 0.8 0.8 0.7 0.5 na na 0.1 na 0.5 0.5 0.4 0.4 0.2 0.2 2011 2012 2013 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..................................................... Made an in-app purchase......................................................................................... 1.1 0.5 0.4 0.6 0.8 0.7 na na 1.2 0.6 0.3 0.4 1.0 0.8 0.8 na 1.3 0.9 0.3 0.7 1.1 0.7 1.1 0.8 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..................................................... Made an in-app purchase......................................................................................... 0.0 3.5 3.3 4.5 4.8 4.7 na na 0.0 2.9 1.8 2.4 3.2 3.5 3.5 na 0.0 2.1 0.9 1.7 2.2 1.8 2.2 2.0 Payments Notes: 1–4, 11. Survey of Consumer Payment Choice Version of September 2015 T-21 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 22 Share of Consumers Using Payment Instruments, by Type of Asset or Liability Percentage of consumers Monthly 2011ʳ 2012 Annual 2013 2011 2012 2013 Assets............................................................................... Money (M1)*............................................................... Cash (currency).......................................................... Traveler's check......................................................... Demand deposit accounts, consumer......................... Checks..................................................................... Certified............................................................... Debit card................................................................ Online banking bill payment................................... Bank account number payment............................... Other deposit accounts, bank..................................... Cashier's check........................................................ 0.8 0.8 1.1 na 1.2 1.5 na 1.4 1.4 1.5 na na 0.8 0.8 1.1 na 1.3 1.5 na 1.5 1.4 1.5 na na 0.8 0.8 1.1 na 1.1 1.3 na 1.3 1.3 1.4 na na 0.8 0.8 1.0 0.4 1.2 1.5 na 1.4 1.4 1.5 na na 0.8 0.8 1.1 0.3 1.3 1.5 0.6 1.5 1.4 1.5 0.8 0.8 0.7 0.8 1.0 0.3 1.1 1.3 0.6 1.3 1.3 1.3 0.8 0.8 Unknown asset type.................................................... Direct deduction from income.................................... Money order............................................................... Prepaid....................................................................... 1.4 1.1 0.9 0.8 1.4 1.0 1.1 0.9 1.2 1.0 0.7 0.7 1.4 1.2 1.1 1.0 1.4 1.0 1.1 1.1 1.3 1.0 0.8 0.9 Liabilities........................................................................ Credit or charge card..................................................... Text/SMS mobile payment............................................ 1.5 1.5 na 1.5 1.5 na 1.4 1.4 na 1.5 1.5 0.5 1.6 1.6 0.6 1.3 1.3 0.9 * For M1 official definition, see Federal Reserve Statistical Release H.6. Notes: 1–4, 7. Survey of Consumer Payment Choice Version of September 2015 T-22 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 23a Share of Consumers Using Payment Instruments and Other Means of Payment Percentage of consumers Monthly 2011 2012 Annual 2013 2011ʳ 2012 2013 Paper instruments.......................................................... Cash.............................................................................. Check............................................................................ Certified check........................................................... Money order.................................................................. Traveler's check............................................................ Cashier's check.............................................................. 0.9 1.1 1.5 na 0.9 na na 1.0 1.1 1.5 na 1.1 na na 0.9 1.1 1.3 na 0.7 na 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 0.9 1.0 1.3 0.6 0.8 0.3 0.8 Payment cards................................................................ Debit............................................................................. Credit or charge card..................................................... Prepaid.......................................................................... 1.8 1.4 1.5 1.1 1.3 1.5 1.5 0.9 1.0 1.3 1.4 0.7 1.8 1.4 1.5 1.4 1.3 1.5 1.6 1.1 1.0 1.3 1.3 0.9 Electronic payments....................................................... Online banking bill payment......................................... Bank account number payment..................................... 1.5 1.4 1.5 1.5 1.4 1.5 1.3 1.3 1.4 1.4 1.4 1.5 1.5 1.4 1.5 1.3 1.3 1.3 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....... Made an in-app purchase........................................... 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 1.1 1.1 0.5 0.4 0.6 0.8 0.7 na na 1.2 1.2 0.6 0.3 0.4 1.0 0.8 0.8 na 1.3 1.3 0.9 0.3 0.7 1.1 0.7 1.1 0.8 Other means of payment............................................... Direct deduction from income....................................... 1.1 1.1 1.0 1.0 1.0 1.0 1.2 1.2 1.0 1.0 1.0 1.0 Notes: 1–4. Survey of Consumer Payment Choice Version of September 2015 T-23 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 23b Share of Adopters Using Payment Instruments and Other Means of Payment Percentage of adopters† Monthly 2011 2012 Annual 2013 2011ʳ 2012ʳ 2013 Paper instruments.......................................................... Cash.............................................................................. Check............................................................................ Certified check........................................................... Money order.................................................................. Traveler's check............................................................ Cashier's check.............................................................. 0.8 1.0 1.3 na 3.3 na na 1.0 1.1 1.4 na 3.8 na na 0.9 1.1 1.3 na 2.8 na na 0.8 1.0 1.2 na 3.3 na na 0.9 1.1 1.2 na 3.6 na na 0.9 1.0 1.1 na 2.8 na na Payment cards................................................................ Debit............................................................................. Credit or charge card..................................................... Prepaid.......................................................................... 1.4 1.1 1.4 2.1 1.2 1.4 1.5 1.7 0.9 1.1 1.3 1.4 1.4 1.0 1.3 2.5 1.2 1.3 1.4 1.9 0.8 1.0 1.2 1.6 Electronic payments....................................................... Online banking bill payment......................................... Bank account number payment*................................... 1.0 1.7 1.1 1.2 1.9 1.2 1.1 1.7 1.0 0.8 1.7 0.0 1.1 1.9 0.0 0.9 1.7 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....... Made an in-app purchase........................................... na na na na na na na na na na na na na na na na na na na na na na na na 0.0 3.5 3.3 4.5 4.8 4.7 na na 0.0 2.9 1.8 2.4 3.2 3.5 3.5 na 0.0 2.1 0.9 1.7 2.2 1.8 2.2 2.0 Other means of payment Direct deduction from income*..................................... 1.7 1.5 1.1 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 2013, 1.1 percent of cash adopters use cash in a typical month. Notes: 1–4, 7, 13. Survey of Consumer Payment Choice Version of September 2015 T-24 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 24 Share of Consumers Making a Transaction, by Type of Transaction Percentage of consumers Monthly Annual 2011ʳ 2012 2013 2011ʳ 2012 2013 Any transaction......................................................................... Online or electronic ................................................................. By mail, in person, or by phone .............................................. 0.8 1.2 0.8 0.8 1.3 0.9 0.7 1.1 0.8 0.8 1.2 0.8 0.8 1.2 0.9 0.7 1.1 0.8 Bill payments.......................................................................... Automatic.............................................................................. Direct deduction from income............................................ Online.................................................................................... By mail, in person, or by phone............................................ 0.9 1.5 1.1 1.4 1.2 1.0 1.5 1.0 1.5 1.3 0.9 1.4 1.0 1.3 1.2 0.9 1.5 1.2 1.4 1.1 0.9 1.5 1.0 1.5 1.2 0.9 1.4 1.0 1.3 1.1 Nonbill payments.................................................................... Online or electronic............................................................... By mail, in person, or by phone............................................ Retail goods........................................................................ Services.............................................................................. 0.9 1.5 0.9 1.0 1.0 0.9 1.5 1.0 1.2 1.2 0.8 1.4 0.8 0.9 1.1 0.9 1.5 0.9 1.0 0.9 0.9 1.5 1.0 1.2 1.2 0.8 1.3 0.8 0.9 1.0 Person to person Online or electronic............................................................ By mail, in person, or by phone......................................... 1.5 1.0 1.5 1.5 1.1 1.5 1.4 1.0 1.3 1.4 1.1 1.4 1.4 1.3 1.4 1.3 1.1 1.4 Notes: 1–4. Survey of Consumer Payment Choice Version of September 2015 T-25 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 25 Share of Consumers Using Payment Instrument, by Type of Transaction Percentage of consumers Nonbill payments Monthly Bill Payments Online Not online* 2011 2012 2013 2011 2012 2013 2011 2012 2013 Paper instruments..................................... Cash.......................................................... Check....................................................... Money order............................................. Traveler's check........................................ 1.3 1.4 1.5 0.9 na 1.4 1.4 1.5 0.9 na 1.3 1.3 1.4 0.7 na 1.1 na 0.9 0.6 na 1.2 na 1.1 0.8 na 1.0 na 1.0 0.4 na 1.0 1.1 1.4 0.6 na 1.1 1.2 1.4 0.7 na 1.0 1.1 1.3 0.5 na Payment cards........................................... Debit......................................................... Credit or charge card................................ Prepaid..................................................... 2.1 1.5 1.4 0.8 1.5 1.5 1.4 0.7 1.3 1.3 1.3 0.5 2.0 1.2 1.2 0.5 1.5 1.3 1.1 0.7 1.3 1.1 1.1 0.5 1.9 1.5 1.4 1.1 1.4 1.5 1.5 0.8 1.2 1.4 1.4 0.7 Electronic payments.................................. Online banking bill payment.................... Bank account number payment................ 1.5 1.3 1.5 1.5 1.4 1.5 1.3 1.3 1.4 1.1 na 1.1 1.1 na 1.1 1.0 na 1.0 0.9 0.7 0.6 0.9 0.7 0.8 0.9 0.6 0.7 Other means of payment........................... Direct deduction from income.................. 1.1 1.1 1.0 1.0 1.0 1.0 na na na na na na na na na na na na Nonbill payments Annual Bill Payments Online Not online 2011 2012 2013 2011 2012 2013 2011 2012 2013 Paper instruments..................................... Cash.......................................................... Check....................................................... Money order............................................. Traveler's check........................................ 1.2 1.5 1.5 1.0 na 1.3 1.5 1.5 1.0 na 1.2 1.3 1.3 0.8 na 1.2 na 1.1 0.7 na 1.3 na 1.2 0.8 na 1.1 na 1.1 0.5 na 1.0 1.1 1.5 0.7 na 1.1 1.1 1.5 0.8 na 1.0 1.0 1.3 0.6 na Payment cards........................................... Debit......................................................... Credit or charge card................................ Prepaid..................................................... 2.0 1.5 1.4 0.9 1.4 1.5 1.5 0.8 1.3 1.3 1.3 0.6 2.1 1.3 1.3 0.7 1.5 1.4 1.4 0.8 1.4 1.2 1.3 0.6 1.9 1.5 1.5 1.3 1.4 1.5 1.5 1.0 1.1 1.3 1.4 0.8 Electronic payments.................................. Online banking bill payment.................... Bank account number payment................ 1.4 1.4 1.5 1.5 1.4 1.5 1.3 1.3 1.4 1.3 na 1.3 1.2 na 1.2 1.2 na 1.2 1.0 0.8 0.7 1.1 0.8 1.0 1.0 0.7 0.9 Other means of payment........................... Direct deduction from income.................. 1.2 1.2 1.0 1.0 1.0 1.0 na na na na na na na na na na na na * Not online refers to retail goods payments, payments for services, and person-to-person payments. Notes: 1–4. Survey of Consumer Payment Choice Version of September 2015 T-26 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 26 Share of Consumers Using Payment Instrument, by Type of Bill Payment Percentage of consumers Automatic Monthly Online By mail or in person 2011 2012 2013 2011 2012 2013 2011 2012 2013 Any instrument.......................................... 1.5 1.5 1.4 1.4 1.5 1.3 1.2 1.3 1.2 Paper instruments..................................... Cash.......................................................... Check....................................................... Money order............................................. Traveler's 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 1.3 1.4 1.5 0.9 na 1.4 1.4 1.5 0.9 na 1.3 1.3 1.4 0.7 na Payment cards........................................... Debit......................................................... Credit or charge card................................ Prepaid..................................................... 1.4 1.2 1.1 na 1.4 1.2 1.2 na 1.3 1.1 1.1 na 1.5 1.4 1.1 na 1.5 1.4 1.2 na 1.3 1.2 1.1 na 2.0 1.4 1.1 0.8 1.5 1.2 1.1 0.7 1.3 1.1 1.1 0.5 Electronic payments.................................. Online banking bill payment.................... Bank account number payment................ 1.4 1.1 1.4 1.5 1.1 1.3 1.3 1.1 1.3 1.5 1.3 1.4 1.5 1.3 1.4 1.4 1.2 1.3 na na na na na na na na na Other means of payment........................... Direct deduction from income.................. 1.1 1.1 1.0 1.0 1.0 1.0 na na na na na na na na na na na na Automatic Annual Online By mail or in person 2011 2012 2013 2011 2012 2013 2011 2012 2013 Any instrument.......................................... 1.5 1.5 1.4 1.4 1.5 1.3 1.1 1.2 1.1 Paper instruments..................................... Cash.......................................................... Check....................................................... Money order............................................. Traveler's 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 1.5 1.5 1.0 na 1.3 1.5 1.5 1.0 na 1.2 1.3 1.3 0.8 na Payment cards........................................... Debit......................................................... Credit or charge card................................ Prepaid..................................................... 1.4 1.2 1.2 na 1.4 1.2 1.2 na 1.3 1.1 1.2 na 1.5 1.4 1.2 na 1.5 1.4 1.2 na 1.4 1.3 1.2 na 2.1 1.4 1.2 0.9 1.5 1.3 1.2 0.8 1.3 1.2 1.2 0.6 Electronic payments.................................. Online banking bill payment.................... Bank account number payment................ 1.4 1.1 1.4 1.5 1.1 1.4 1.3 1.1 1.3 1.5 1.3 1.4 1.5 1.3 1.4 1.4 1.2 1.3 na na na na na na na na na Other means of payment........................... Direct deduction from income.................. 1.2 1.2 1.0 1.0 1.0 1.0 na na na na na na na na na na na na Notes: 1–4. Survey of Consumer Payment Choice Version of September 2015 T-27 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 27 Share of Consumers Using Payment Instrument, by Type of Nonbill, In-Person Transactions Percentage of consumers Retail Services and other Person to person Monthly 2011ʳ 2012 2013 2011 2012 2013 2011 2012 2013 Any instrument.......................................... 1.0 1.2 0.9 1.0 1.2 1.1 1.5 1.5 1.4 Paper instruments..................................... Cash.......................................................... Check....................................................... Money order............................................. Traveler's check........................................ 1.3 1.3 1.2 0.5 na 1.4 1.4 1.2 0.6 na 1.2 1.3 1.1 0.3 na 1.3 1.4 1.2 0.5 na 1.4 1.5 1.2 0.6 na 1.3 1.3 1.1 0.4 na 1.5 1.4 1.0 0.5 na 1.5 1.5 1.0 0.5 na 1.3 1.3 1.0 0.3 na Payment cards........................................... Debit......................................................... Credit or charge card................................ Prepaid..................................................... 2.0 1.5 1.4 1.1 1.5 1.5 1.5 0.8 1.2 1.4 1.3 0.6 2.1 1.5 1.4 0.8 1.5 1.5 1.4 0.7 1.3 1.3 1.3 0.5 0.8 0.8 0.5 na 0.9 0.8 0.5 na 0.7 0.6 0.6 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 0.9 0.7 0.6 0.9 0.7 0.8 0.9 0.6 0.7 Other means of payment........................... Direct deduction from income.................. na na na na na na na na na na na na na na na na na na Retail Services and other Person to person Annual 2011ʳ 2012 2013 2011 2012 2013 2011 2012 2013 Any instrument.......................................... 1.0 1.2 0.9 0.9 1.2 1.0 1.4 1.4 1.3 Paper instruments..................................... Cash.......................................................... Check....................................................... Money order............................................. Traveler's check........................................ 1.3 1.3 1.3 0.7 na 1.3 1.4 1.4 0.6 na 1.2 1.2 1.2 0.4 na 1.3 1.3 1.3 0.6 na 1.4 1.4 1.4 0.7 na 1.2 1.3 1.2 0.5 na 1.4 1.5 1.3 0.5 na 1.4 1.5 1.3 0.6 na 1.4 1.3 1.2 0.4 na Payment cards........................................... Debit......................................................... Credit or charge card................................ Prepaid..................................................... 2.0 1.5 1.5 1.2 1.4 1.5 1.5 0.9 1.2 1.4 1.4 0.7 2.0 1.5 1.4 0.9 1.5 1.5 1.5 0.8 1.3 1.4 1.3 0.6 0.9 0.8 0.6 na 1.0 1.0 0.6 na 0.9 0.7 0.7 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 0.7 1.1 0.8 1.0 1.0 0.7 0.9 Other means of payment........................... Direct deduction from income.................. na na na na na na na na na na na na na na na na na na Notes: 1–4. Survey of Consumer Payment Choice Version of September 2015 T-28 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 28a Number of Consumer Payments in a Typical Month, by Type of Asset or Liability Number per consumer Mean 2011ʳ 2012 Growth rate (%) 2013 11-12 12-13 Total payments................................................................................. Assets................................................................................................. Money (M1)*................................................................................. Cash (currency)............................................................................ Traveler's check............................................................................ Demand deposit accounts, consumer........................................ Checks....................................................................................... Certified.................................................................................. Debit card.................................................................................. Online banking bill payment...................................................... Bank account number payment.................................................. Other deposit accounts................................................................. Cashier's check.......................................................................... 1.7 1.5 1.5 0.8 na 1.1 0.3 na 0.9 0.2 0.1 na na 1.6 1.4 1.3 0.7 na 1.0 0.3 na 0.8 0.2 0.1 na na 1.6 1.3 1.3 0.7 na 1.0 0.3 na 0.8 0.2 0.1 na na — — — — — — — — — — — — — — — — — — — — — — — — — — Other (unknown/unspecified)....................................................... Direct deduction from income...................................................... Money order................................................................................. Prepaid......................................................................................... Prepaid, per adopter†................................................................... 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.0 0.1 0.2 — — — — — — — — — — Liabilities........................................................................................... Credit or charge card....................................................................... Text/SMS mobile payment.............................................................. 0.6 0.6 na 0.7 0.7 na 0.7 0.7 na — — — — — — * For official definition of M1, see Federal Reserve Statistical Release H.6. † Estimates are calculated using only adopters of a payment instrument, not all consumers. Notes: 1–4, 13. Survey of Consumer Payment Choice Version of September 2015 T-29 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 28b Percentage Share of Consumer Payments in a Typical Month, by Type of Asset or Liability Percentage per consumer Share (%) 2011 2012 Change 2013 11-12 12-13 Total payments................................................................................. Assets................................................................................................. Money (M1)*................................................................................. Cash (currency)............................................................................ Traveler's check............................................................................ Demand deposit accounts, consumer........................................ Checks....................................................................................... 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....................................................................... Text/SMS mobile payment.............................................................. — — — — — — — — — — — — — — — * For official definition of M1, see Federal Reserve Statistical Release H.6. † Estimates are calculated using only adopters of a payment instrument, not all consumers. Notes: 1–4, 13. Survey of Consumer Payment Choice Version of September 2015 T-30 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 29 Consumer Payments in a Typical Month, by Payment Instrument Mean Number per consumer 2011ʳ 2012 Growth rate (%) 2013 11-12 12-13 Total payments................................................................................. 1.7 1.6 1.6 — — Paper instruments............................................................................ Cash................................................................................................. Check............................................................................................... Money order.................................................................................... Traveler's check............................................................................... 0.9 0.8 0.3 0.1 na 0.8 0.7 0.3 0.1 na 0.8 0.7 0.3 0.0 na — — — — — — — — — — Payment cards................................................................................... Debit................................................................................................ Credit or charge card....................................................................... Prepaid............................................................................................ Prepaid, per adopter*....................................................................... 1.1 0.9 0.6 0.1 0.2 1.1 0.8 0.7 0.1 0.2 1.1 0.8 0.7 0.1 0.2 — — — — — — — — — — Electronic payments......................................................................... Online banking bill payment............................................................ Bank account number payment........................................................ 0.2 0.2 0.1 0.3 0.2 0.1 0.2 0.2 0.1 — — — — — — Other means of payment.................................................................. Direct deduction from income......................................................... 0.1 0.1 0.1 0.1 0.1 0.1 — — — — Share (%) Percentage share 2011 2012 Change 2013 Total payments................................................................................. 11-12 12-13 — — Paper instruments............................................................................ Cash................................................................................................. Check............................................................................................... Money order.................................................................................... Traveler's check............................................................................... na na na na na na na na na na na na na na na — — — — — — — — — — Payment cards................................................................................... Debit................................................................................................ Credit or charge card....................................................................... Prepaid............................................................................................ Prepaid, per adopter*....................................................................... na na na na na na na na na na na na na na na — — — — — — — — — — Electronic payments......................................................................... Online banking bill payment............................................................ Bank account number payment........................................................ na na na na na na na na na — — — — — — Other means of payment.................................................................. Direct deduction from income......................................................... na na na na na na — — — — * Estimates are calculated using only adopters of a payment instrument, not all consumers. Notes: 1–4, 13. Survey of Consumer Payment Choice Version of September 2015 T-31 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 30 Consumer Payments in a Typical Month, by Type of Payment Transaction Mean Number per consumer 2011 Growth rate (%) 2012 2013 11-12 12-13 Total................................................................................................. Online or electronic ...................................................................... By mail, in person, or by phone..................................................... 1.7 0.5 1.4 1.6 0.6 1.3 1.6 0.6 1.2 — — — — — — Bill payments................................................................................ Automatic................................................................................... Direct deduction from income................................................. Other automatic....................................................................... Online......................................................................................... By mail, in person, or by phone.................................................. 0.7 0.3 0.1 0.3 0.2 0.5 0.7 0.3 0.1 0.3 0.3 0.4 0.7 0.3 0.1 0.3 0.3 0.3 — — — — — — — — — — — — Nonbill 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............................................... 1.3 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 1.2 1.1 0.2 1.1 0.7 0.4 0.2 0.1 0.1 — — — — — — — — — — — — — — — — — — Share (%) Percentage share 2011 2013 11-12 12-13 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 na na na na na na na na na na na na na — — — — — — — — — — — — — — — — — — Total................................................................................................. Online or electronic ...................................................................... By mail, in person, or by phone..................................................... na na Bill payments................................................................................ Automatic................................................................................... Direct deduction from income................................................. Other automatic....................................................................... Online......................................................................................... By mail, in person, or by phone.................................................. Nonbill 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............................................... 2012 Change Notes: 1–4. Survey of Consumer Payment Choice Version of September 2015 T-32 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 31 Use of Payment Instruments in a Typical Month, by Type of Transaction Nonbill payments Number per consumer Bill payments Online Not online* 2011 2012 2013 2011 2012 2013 2011 2012 2013 Paper instruments..................................... Cash.......................................................... Check....................................................... Money order............................................. Traveler's check........................................ 0.4 0.4 0.1 0.0 na 0.2 0.2 0.1 0.1 na 0.2 0.2 0.1 0.0 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 0.7 0.6 0.2 0.0 na 0.7 0.6 0.2 0.1 na 0.7 0.6 0.2 0.0 na Payment cards........................................... Debit......................................................... Credit or charge card................................ Prepaid..................................................... 0.4 0.3 0.2 0.0 0.4 0.3 0.2 0.0 0.5 0.4 0.2 0.0 0.1 0.1 0.1 0.0 0.2 0.1 0.2 0.0 0.2 0.1 0.1 0.0 0.8 0.7 0.5 0.1 0.7 0.6 0.5 0.1 0.8 0.6 0.5 0.1 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 0.0 na 0.0 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 0.1 0.1 0.1 na na na na na na na na na na na na Nonbill payments Percentage share Bill payments Online Not online 2011 2012 2013 2011 2012 2013 2011 2012 2013 Paper instruments..................................... Cash.......................................................... Check....................................................... Money order............................................. Traveler's check........................................ — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Payment cards........................................... Debit......................................................... Credit or charge card................................ Prepaid..................................................... — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Electronic payments.................................. Online banking bill payment.................... Bank account number payment................ — — — — — — — — — — — — — — — — — — — — — — — — — — — Other methods of payment....................... Direct deduction from income.................. — — — — — — — — — — — — — — — — — — * Not online refers to retail goods payments, payments for services, and person-to-person payments. Notes: 1–4. Survey of Consumer Payment Choice Version of September 2015 T-33 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 32 Use of Payment Instruments in a Typical Month, by Type of Bill Payment Automatic Number per consumer By mail, in person, or by phone Online 2011 2012 2013 2011 2012 2013 2011 2012 2013 Paper instruments.................................................... Cash........................................................................ Check...................................................................... Money order........................................................... Traveler's 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 0.4 0.4 0.1 0.0 na 0.2 0.2 0.1 0.1 na 0.2 0.2 0.1 0.0 na Payment cards.......................................................... Debit....................................................................... Credit or charge card.............................................. Prepaid.................................................................... 0.2 0.1 0.1 na 0.2 0.1 0.1 na 0.3 0.2 0.1 na 0.2 0.2 0.1 na 0.2 0.2 0.1 na 0.2 0.2 0.1 na 0.2 0.2 0.1 0.0 0.2 0.2 0.1 0.0 0.2 0.2 0.1 0.0 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 0.1 0.1 0.1 0.2 0.1 0.1 0.1 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 0.1 0.1 0.1 na na na na na na na na na na na na Automatic Percentage share By mail, in person, or by phone Online 2011 2012 2013 2011 2012 2013 2011 2012 2013 Paper instruments.................................................... Cash........................................................................ Check...................................................................... Money order........................................................... Traveler's check...................................................... — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Payment cards.......................................................... Debit....................................................................... Credit or charge card.............................................. Prepaid.................................................................... — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Electronic payments................................................ Online banking bill payment................................... Bank account number payment............................... — — — — — — — — — — — — — — — — — — — — — — — — — — — Other means of payment......................................... Direct deduction from income................................ — — — — — — — — — — — — — — — — — — Notes: 1–4. Survey of Consumer Payment Choice Version of September 2015 T-34 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 33 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 2011ʳ 2012 2013 2011 2012 2013 2011 2012 2013 Paper instruments.................................................... Cash......................................................................... Check...................................................................... Money order............................................................ Traveler's 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 0.3 0.3 0.1 0.0 na 0.3 0.3 0.1 0.0 na 0.3 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 0.1 0.1 0.0 0.0 na Payment cards.......................................................... Debit........................................................................ Credit or charge card............................................... Prepaid.................................................................... 0.6 0.5 0.3 0.0 0.5 0.4 0.3 0.1 0.5 0.4 0.3 0.0 0.3 0.3 0.2 0.0 0.3 0.2 0.2 0.0 0.3 0.2 0.2 0.0 0.0 0.0 0.0 na 0.1 0.1 0.0 na 0.0 0.0 0.0 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 na na na na na na na na na Retail Percentage share Services and other Person to person 2011 2012 2013 2011 2012 2013 2011 2012 2013 Paper instruments.................................................... Cash......................................................................... Check...................................................................... Money order............................................................ Traveler's check....................................................... — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Payment cards.......................................................... Debit........................................................................ Credit or charge card............................................... Prepaid.................................................................... — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Electronic payments................................................. Online banking bill payment................................... Bank account number payment............................... — — — — — — — — — — — — — — — — — — — — — — — — — — — Other means of payment.......................................... Direct deduction from income................................. — — — — — — — — — — — — — — — — — — Notes: 1–4. Survey of Consumer Payment Choice Version of September 2015 T-35 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 34 Payment Instruments Used in a Typical Period, by Type of Instrument and Transaction Mean number per consumer 2011ʳ 2012ʳ 2013 All payments (9 instruments available)................................................................... Paper instruments.................................................................................................... Payment cards.......................................................................................................... Electronic payments................................................................................................ 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bill 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 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 2011ʳ 2012ʳ 2013 All payments (9 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 Bill payments (8 instruments available)†................................................................ Paper instruments.................................................................................................... Payment cards.......................................................................................................... Electronic payments................................................................................................ 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 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 Month Year † Traveler's checks are not presented to the respondent as an option for bill payments. ‡ Cash, traveler's check, and OBBP are not presented to the respondent as an option 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 September 2015 T-36 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 35 Loss, Theft, or Fraudulent Use of Payment Instrument Percentage of consumers or adopters and mean dollar value Percentage of consumers 2011 2012 2013 Incidence in past 12 months ......................................................................................... Cash.............................................................................................................................. Checks.......................................................................................................................... Credit card.................................................................................................................... Debit card..................................................................................................................... 1.1 1.0 0.2 0.4 0.6 1.2 1.0 0.3 0.6 0.8 0.9 0.7 0.4 0.6 0.6 Ever been a victim of identity theft? Yes, myself and someone I know well.......................................................................... Yes, someone I know well only.................................................................................... Yes, myself only........................................................................................................... No................................................................................................................................. na na na na na na na na 0.5 0.9 0.6 1.1 Percentage of adopters 2011 2012 2013 Incidence in past 12 months ......................................................................................... Cash.............................................................................................................................. Checks.......................................................................................................................... Credit card.................................................................................................................... Debit card..................................................................................................................... 1.1 1.0 0.2 0.6 0.8 1.2 1.0 0.4 0.9 1.0 0.9 0.7 0.5 0.8 0.8 Mean dollar value* 2011 2012 2013 Amount lost or stolen Cash.............................................................................................................................. 75 137 93 Amount of fraudulent charges† Checks.......................................................................................................................... Credit card.................................................................................................................... Debit card..................................................................................................................... s 125 58 s 173 62 s 197 26 * 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, 15. Survey of Consumer Payment Choice Version of September 2015 T-37 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 36 Importance Rankings of Characteristics of Payment Instruments Percentage of consumers Most important 2011 Acceptance for payment................................................... Acquisition and setup........................................................ Convenience..................................................................... Cost................................................................................... Payment records................................................................ Security............................................................................. 2nd most 3rd most 4th most 5th most 6th 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 na na na na na na 0.9 1.4 0.8 0.8 0.9 0.5 1.3 1.0 1.4 1.3 1.2 1.5 1.2 0.9 1.2 1.2 1.2 1.2 1.2 0.9 1.3 1.2 1.2 1.1 1.1 1.0 0.9 1.0 1.1 0.9 0.9 1.2 1.0 0.9 1.1 0.5 na na na na na na 0.8 1.4 0.7 0.8 1.0 0.5 0.8 0.3 1.3 0.9 0.6 1.2 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 1.0 1.0 0.9 0.9 1.0 1.0 0.9 1.0 1.1 1.0 0.9 1.0 1.1 1.1 1.0 1.1 0.9 1.0 1.0 1.1 1.0 1.0 1.0 1.0 0.9 1.1 1.2 0.9 1.3 1.4 1.2 1.2 1.1 1.1 1.1 0.9 1.2 0.9 0.7 0.9 0.7 0.7 0.9 0.6 0.6 0.7 0.5 0.5 0.8 2012 Acceptance for payment................................................... Acquisition and setup........................................................ Convenience..................................................................... Cost................................................................................... Payment records................................................................ Security............................................................................. 2013* Acceptance for payment................................................... Acquisition and setup........................................................ Convenience..................................................................... Cost................................................................................... Payment records................................................................ Security............................................................................. Characteristics of speed and security Speed At the time of payment...................................................... When payment is deducted from account or card............. When recipient receives payment..................................... When payment is reported in account or card................... Security Preventing unwanted disclosure of PII............................. Preventing permanent financial loss................................. Confidentiality.................................................................. * In 2013, questionnaire item AS012 was changed from a question about ranking to a question asking the respondent to choose the most important characteristic. Notes: 1, 4. Survey of Consumer Payment Choice Version of September 2015 T-38 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37a Assessments of Payment Instruments: Acceptance for Payment Percentage of consumers Cash 2011............................................. 2012............................................. 2013............................................. Check 2011............................................. 2012............................................. 2013............................................. Money order 2011............................................. 2012............................................. 2013............................................. Debit card 2011............................................. 2012............................................. 2013............................................. Credit card 2011............................................. 2012............................................. 2013............................................. Prepaid card 2011............................................. 2012............................................. 2013............................................. Bank account number payment 2011............................................. 2012............................................. 2013............................................. Online banking bill payment 2011............................................. 2012............................................. 2013............................................. Rarely accepted Occasionally accepted Often accepted Usually accepted Almost always accepted 0.4 0.4 0.4 0.5 0.4 0.4 0.8 0.8 0.8 0.9 1.0 0.8 1.2 1.3 1.2 0.7 0.6 0.7 1.1 1.1 1.0 1.3 1.3 1.2 1.4 1.4 1.3 1.1 1.2 1.0 na 1.0 1.0 na 1.2 1.0 na 1.3 1.2 na 1.2 1.2 na 1.2 1.1 0.7 0.4 0.4 0.5 0.3 0.4 0.9 1.0 0.9 1.4 1.3 1.2 1.5 1.5 1.3 0.6 0.4 0.4 0.4 0.3 0.3 0.8 1.0 0.7 1.3 1.3 1.2 1.5 1.5 1.3 0.9 0.8 0.5 0.8 0.7 0.7 1.3 1.2 1.1 1.3 1.4 1.2 1.3 1.5 1.3 1.4 1.4 1.2 1.2 1.3 1.1 1.2 1.0 1.1 1.0 1.1 1.0 0.9 1.1 0.9 0.9 0.9 0.8 1.0 1.0 0.9 1.2 1.2 1.1 1.3 1.4 1.2 1.3 1.3 1.2 Notes: 1, 4. Survey of Consumer Payment Choice Version of September 2015 T-39 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37b Assessments of Payment Instruments: Acquisition and Setup Percentage of consumers Very hard to get or set up Cash 2011............................................. 2012............................................. 2013............................................. Check 2011............................................. 2012............................................. 2013............................................. Money order 2011............................................. 2012............................................. 2013............................................. Debit card 2011............................................. 2012............................................. 2013............................................. Credit card 2011............................................. 2012............................................. 2013............................................. Prepaid card 2011............................................. 2012............................................. 2013............................................. Bank account number payment 2011............................................. 2012............................................. 2013............................................. Online banking bill payment 2011............................................. 2012............................................. 2013............................................. Hard to get or set up Neither hard nor easy Easy to get or set up Very easy to get or set up 0.5 0.4 0.4 0.6 0.5 0.6 1.0 1.2 1.1 1.2 1.1 1.1 1.4 1.5 1.4 0.5 0.5 0.5 0.9 0.9 0.7 1.3 1.3 1.2 1.4 1.4 1.3 1.2 1.3 1.1 na 0.8 0.8 na 1.2 1.1 na 1.4 1.2 na 1.3 1.2 na 1.2 1.0 0.3 0.3 0.4 0.5 0.7 0.6 1.2 1.2 1.1 1.4 1.4 1.3 1.4 1.5 1.3 0.7 0.6 0.6 1.0 0.9 0.8 1.2 1.3 1.1 1.4 1.4 1.3 1.3 1.4 1.2 0.6 0.6 0.6 1.0 1.0 0.9 1.4 1.4 1.3 1.3 1.3 1.3 1.2 1.3 1.1 0.5 0.6 0.6 1.0 1.0 0.9 1.4 1.4 1.3 1.3 1.4 1.2 1.1 1.2 1.1 0.5 0.5 0.5 1.0 1.0 0.9 1.3 1.3 1.2 1.3 1.4 1.3 1.2 1.3 1.1 Notes: 1, 4. Survey of Consumer Payment Choice Version of September 2015 T-40 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37c Assessments of Payment Instruments: Convenience Percentage of consumers Cash 2011............................................. 2012............................................. 2013............................................. Check 2011............................................. 2012............................................. 2013............................................. Money order 2011............................................. 2012............................................. 2013............................................. Debit card 2011............................................. 2012............................................. 2013............................................. Credit card 2011............................................. 2012............................................. 2013............................................. Prepaid card 2011............................................. 2012............................................. 2013............................................. Bank account number payment 2011............................................. 2012............................................. 2013............................................. Online banking bill payment 2011............................................. 2012............................................. 2013............................................. Inconvenient Neither inconvenient nor convenient Convenient Very Convenient 0.8 0.6 0.5 0.9 0.8 0.8 1.0 1.0 0.9 1.2 1.3 1.2 1.4 1.5 1.4 0.9 0.9 0.7 1.3 1.2 1.1 1.2 1.4 1.2 1.3 1.4 1.3 1.0 1.0 1.0 na 1.3 1.2 na 1.4 1.2 na 1.3 1.1 na 1.1 1.0 na 0.7 0.7 0.6 0.4 0.5 0.6 0.5 0.5 0.9 0.9 0.8 1.3 1.4 1.2 1.5 1.5 1.4 0.6 0.5 0.6 0.6 0.6 0.5 1.0 0.9 0.8 1.3 1.4 1.2 1.5 1.5 1.3 0.8 0.9 0.8 0.9 0.9 1.0 1.4 1.4 1.2 1.2 1.3 1.2 1.2 1.3 1.1 1.1 1.0 0.9 1.1 1.2 1.0 1.4 1.4 1.2 1.1 1.3 1.2 1.0 0.9 1.0 0.8 0.6 0.7 0.7 0.6 0.7 1.1 1.2 1.1 1.3 1.3 1.3 1.4 1.5 1.3 Very Inconvenient Notes: 1, 4. Survey of Consumer Payment Choice Version of September 2015 T-41 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37d Assessments of Payment Instruments: Cost Percentage of consumers Cash 2011............................................. 2012............................................. 2013............................................. Check 2011............................................. 2012............................................. 2013............................................. Money order 2011............................................. 2012............................................. 2013............................................. Debit card 2011............................................. 2012............................................. 2013............................................. Credit card 2011............................................. 2012............................................. 2013............................................. Prepaid card 2011............................................. 2012............................................. 2013............................................. Bank account number payment 2011............................................. 2012............................................. 2013............................................. Online banking bill payment 2011............................................. 2012............................................. 2013............................................. Very high cost High cost Neither high nor low cost Low cost Very low cost 0.6 0.4 0.4 0.5 0.3 0.3 1.1 1.3 1.1 0.8 0.9 0.8 1.4 1.5 1.3 0.5 0.5 0.3 0.9 0.8 0.7 1.2 1.4 1.1 1.4 1.4 1.3 1.4 1.4 1.2 na 0.7 0.6 na 1.1 1.1 na 1.5 1.2 na 1.4 1.3 na 1.0 0.9 0.5 0.3 0.3 1.0 0.7 0.6 1.1 1.3 1.1 1.4 1.3 1.2 1.4 1.5 1.3 1.1 1.2 1.1 1.4 1.3 1.2 1.1 1.3 1.0 1.1 1.1 1.1 1.0 1.1 1.1 0.7 0.7 0.6 1.1 1.1 1.0 1.4 1.4 1.3 1.2 1.3 1.2 1.2 1.2 1.0 0.6 0.7 0.4 0.7 0.6 0.6 1.4 1.4 1.3 1.3 1.3 1.2 1.3 1.4 1.3 0.5 0.6 0.4 0.7 0.6 0.6 1.3 1.3 1.2 1.2 1.2 1.2 1.4 1.5 1.3 Notes: 1, 4. Survey of Consumer Payment Choice Version of September 2015 T-42 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37e Assessments of Payment Instruments: Payment Records Percentage of consumers Cash 2011............................................. 2012............................................. 2013............................................. Check 2011............................................. 2012............................................. 2013............................................. Money order 2011............................................. 2012............................................. 2013............................................. Debit card 2011............................................. 2012............................................. 2013............................................. Credit card 2011............................................. 2012............................................. 2013............................................. Prepaid card 2011............................................. 2012............................................. 2013............................................. Bank account number payment 2011............................................. 2012............................................. 2013............................................. Online banking bill payment 2011............................................. 2012............................................. 2013............................................. Very poor records Poor records Neither good nor poor Good records Very good records 1.4 1.4 1.3 1.1 1.2 1.1 1.2 1.2 1.1 1.0 1.1 0.9 1.0 0.9 0.8 0.7 0.5 0.4 0.6 0.6 0.5 0.9 1.1 0.9 1.4 1.5 1.3 1.4 1.4 1.3 na 1.0 0.9 na 1.1 1.0 na 1.4 1.3 na 1.3 1.1 na 1.1 0.9 0.6 0.4 0.5 0.5 0.6 0.5 0.9 1.0 0.9 1.4 1.5 1.3 1.4 1.5 1.3 0.6 0.4 0.4 0.6 0.6 0.4 0.8 1.1 0.8 1.4 1.4 1.3 1.5 1.5 1.4 1.2 1.1 1.0 1.2 1.3 1.1 1.3 1.4 1.3 1.2 1.1 1.1 0.9 0.9 0.8 0.5 0.6 0.6 0.6 0.7 0.6 1.2 1.2 1.0 1.4 1.4 1.3 1.4 1.5 1.3 0.7 0.5 0.5 0.6 0.6 0.4 1.0 1.2 1.0 1.4 1.4 1.3 1.4 1.5 1.3 Notes: 1, 4. Survey of Consumer Payment Choice Version of September 2015 T-43 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37f Assessments of Payment Instruments: Security (overall) Percentage of consumers Cash 2011............................................. 2012............................................. 2013............................................. Check 2011............................................. 2012............................................. 2013............................................. Money order 2011............................................. 2012............................................. 2013............................................. Debit card 2011............................................. 2012............................................. 2013............................................. Credit card 2011............................................. 2012............................................. 2013............................................. Prepaid card 2011............................................. 2012............................................. 2013............................................. Bank account number payment 2011............................................. 2012............................................. 2013............................................. Online banking bill payment 2011............................................. 2012............................................. 2013............................................. Very risky Risky Neither risky nor secure Secure Very secure 1.4 1.4 1.3 1.2 1.0 0.9 0.9 1.2 0.9 0.9 1.0 1.0 1.3 1.4 1.2 0.8 0.8 0.9 1.4 1.3 1.1 1.1 1.3 1.2 1.4 1.4 1.3 0.8 0.9 0.8 na 1.1 1.0 na 1.1 1.0 na 1.3 1.2 na 1.3 1.2 na 1.2 1.0 0.9 0.8 0.8 1.3 1.2 1.1 1.1 1.1 1.1 1.3 1.5 1.3 1.0 1.1 0.9 1.0 0.9 0.9 1.3 1.2 1.1 1.1 1.1 1.0 1.3 1.4 1.3 1.0 1.1 1.0 1.2 1.1 1.1 1.2 1.2 1.1 1.3 1.4 1.2 1.1 1.2 1.1 1.0 1.1 0.8 1.2 1.2 1.1 1.4 1.3 1.2 1.1 1.2 1.0 1.1 1.3 1.1 0.9 0.9 0.8 0.9 0.8 0.9 1.2 1.2 1.1 1.2 1.2 1.1 1.3 1.4 1.2 1.1 1.2 1.0 Notes: 1, 4. Survey of Consumer Payment Choice Version of September 2015 T-44 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37g Assessments of Payment Instruments: Security of Personally Identifiable Information Percentage of consumers Cash 2011............................................. 2012............................................. 2013............................................. Check 2011............................................. 2012............................................. 2013............................................. Money order 2011............................................. 2012............................................. 2013............................................. Debit card 2011............................................. 2012............................................. 2013............................................. Credit card 2011............................................. 2012............................................. 2013............................................. Prepaid card 2011............................................. 2012............................................. 2013............................................. Bank account number payment 2011............................................. 2012............................................. 2013............................................. Online banking bill payment 2011............................................. 2012............................................. 2013............................................. Very risky Risky Neither risky nor secure Secure Very secure na na 0.9 na na 0.7 na na 1.0 na na 1.1 na na 1.4 na na 0.9 na na 1.4 na na 1.3 na na 1.2 na na 0.6 na na 0.8 na na 1.0 na na 1.3 na na 1.3 na na 1.1 na na 0.9 na na 1.3 na na 1.2 na na 1.3 na na 0.8 na na 1.0 na na 1.3 na na 1.2 na na 1.2 na na 0.8 na na 0.9 na na 1.1 na na 1.3 na na 1.3 na na 1.0 na na 1.1 na na 1.3 na na 1.3 na na 1.1 na na 0.6 na na 1.0 na na 1.3 na na 1.3 na na 1.2 na na 0.8 Notes: 4. Survey of Consumer Payment Choice Version of September 2015 T-45 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37h Assessments of Payment Instruments: Security of Financial Wealth Percentage of consumers Cash 2011............................................. 2012............................................. 2013............................................. Check 2011............................................. 2012............................................. 2013............................................. Money order 2011............................................. 2012............................................. 2013............................................. Debit card 2011............................................. 2012............................................. 2013............................................. Credit card 2011............................................. 2012............................................. 2013............................................. Prepaid card 2011............................................. 2012............................................. 2013............................................. Bank account number payment 2011............................................. 2012............................................. 2013............................................. Online banking bill payment 2011............................................. 2012............................................. 2013............................................. Very risky Risky Neither risky nor secure Secure Very secure na na 1.4 na na 0.9 na na 1.0 na na 1.0 na na 1.1 na na 0.9 na na 1.4 na na 1.3 na na 1.2 na na 0.5 na na 1.2 na na 1.2 na na 1.3 na na 1.1 na na 0.8 na na 1.0 na na 1.3 na na 1.2 na na 1.3 na na 0.8 na na 0.9 na na 1.3 na na 1.2 na na 1.3 na na 0.9 na na 1.2 na na 1.3 na na 1.3 na na 1.0 na na 0.9 na na 1.0 na na 1.4 na na 1.2 na na 1.2 na na 0.7 na na 0.9 na na 1.3 na na 1.3 na na 1.2 na na 0.8 Notes: 4. Survey of Consumer Payment Choice Version of September 2015 T-46 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37i Assessments of Payment Instruments: Security of Payment Transaction Confidentiality Percentage of consumers Cash 2011............................................. 2012............................................. 2013............................................. Check 2011............................................. 2012............................................. 2013............................................. Money order 2011............................................. 2012............................................. 2013............................................. Debit card 2011............................................. 2012............................................. 2013............................................. Credit card 2011............................................. 2012............................................. 2013............................................. Prepaid card 2011............................................. 2012............................................. 2013............................................. Bank account number payment 2011............................................. 2012............................................. 2013............................................. Online banking bill payment 2011............................................. 2012............................................. 2013............................................. Very risky Risky Neither risky nor secure Secure Very secure na na 1.0 na na 0.8 na na 1.2 na na 1.2 na na 1.4 na na 0.9 na na 1.3 na na 1.3 na na 1.3 na na 0.7 na na 0.9 na na 1.1 na na 1.4 na na 1.2 na na 1.0 na na 0.9 na na 1.3 na na 1.3 na na 1.3 na na 0.7 na na 1.0 na na 1.3 na na 1.2 na na 1.3 na na 0.7 na na 0.9 na na 1.2 na na 1.4 na na 1.2 na na 0.9 na na 1.0 na na 1.3 na na 1.3 na na 1.2 na na 0.7 na na 1.0 na na 1.3 na na 1.2 na na 1.2 na na 0.7 Notes: 4. Survey of Consumer Payment Choice Version of September 2015 T-47 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37j Assessments of Payment Instruments: Speed at Time of Payment Percentage of consumers Cash 2011............................................. 2012............................................. 2013............................................. Check 2011............................................. 2012............................................. 2013............................................. Money order 2011............................................. 2012............................................. 2013............................................. Debit card 2011............................................. 2012............................................. 2013............................................. Credit card 2011............................................. 2012............................................. 2013............................................. Prepaid card 2011............................................. 2012............................................. 2013............................................. Bank account number payment 2011............................................. 2012............................................. 2013............................................. Online banking bill payment 2011............................................. 2012............................................. 2013............................................. Very slow Slow Neither slow nor fast Fast Very Fast na na 0.3 na na 0.7 na na 0.9 na na 1.3 na na 1.4 na na 0.9 na na 1.4 na na 1.3 na na 1.1 na na 0.7 na na 1.2 na na 1.3 na na 1.3 na na 1.0 na na 0.6 na na 0.4 na na 0.4 na na 0.9 na na 1.4 na na 1.4 na na 0.4 na na 0.4 na na 0.9 na na 1.4 na na 1.4 na na 0.5 na na 0.6 na na 1.2 na na 1.4 na na 1.3 na na 0.8 na na 1.1 na na 1.3 na na 1.3 na na 1.0 na na 0.5 na na 0.7 na na 1.2 na na 1.4 na na 1.3 Notes: 4. Survey of Consumer Payment Choice Version of September 2015 T-48 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37k Assessments of Payment Instruments: Speed of Payment Deduction Percentage of consumers Cash 2011............................................. 2012............................................. 2013............................................. Check 2011............................................. 2012............................................. 2013............................................. Money order 2011............................................. 2012............................................. 2013............................................. Debit card 2011............................................. 2012............................................. 2013............................................. Credit card 2011............................................. 2012............................................. 2013............................................. Prepaid card 2011............................................. 2012............................................. 2013............................................. Bank account number payment 2011............................................. 2012............................................. 2013............................................. Online banking bill payment 2011............................................. 2012............................................. 2013............................................. Very slow Slow Neither slow nor fast Fast Very Fast na na 0.8 na na 0.9 na na 1.3 na na 0.6 na na 0.5 na na 0.4 na na 0.5 na na 0.9 na na 1.4 na na 1.3 na na 0.9 na na 1.2 na na 1.4 na na 1.1 na na 0.9 na na 0.3 na na 0.5 na na 1.4 na na 1.2 na na 0.6 na na 0.4 na na 0.5 na na 1.4 na na 1.4 na na 1.0 na na 0.8 na na 1.0 na na 1.4 na na 1.0 na na 0.5 na na 0.4 na na 0.6 na na 1.4 na na 1.4 na na 0.7 na na 0.4 na na 0.7 na na 1.4 na na 1.4 na na 0.7 Notes: 4. Survey of Consumer Payment Choice Version of September 2015 T-49 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37l Assessments of Payment Instruments: Speed of Recipient Receiving Payment Percentage of consumers Cash 2011............................................. 2012............................................. 2013............................................. Check 2011............................................. 2012............................................. 2013............................................. Money order 2011............................................. 2012............................................. 2013............................................. Debit card 2011............................................. 2012............................................. 2013............................................. Credit card 2011............................................. 2012............................................. 2013............................................. Prepaid card 2011............................................. 2012............................................. 2013............................................. Bank account number payment 2011............................................. 2012............................................. 2013............................................. Online banking bill payment 2011............................................. 2012............................................. 2013............................................. Very slow Slow Neither slow nor fast Fast Very Fast na na 0.3 na na 0.4 na na 0.8 na na 1.2 na na 1.4 na na 0.7 na na 1.4 na na 1.4 na na 1.1 na na 0.6 na na 0.7 na na 1.2 na na 1.4 na na 1.2 na na 0.8 na na 0.2 na na 0.5 na na 1.2 na na 1.4 na na 1.3 na na 0.3 na na 0.8 na na 1.3 na na 1.4 na na 1.1 na na 0.3 na na 0.7 na na 1.3 na na 1.4 na na 1.2 na na 0.5 na na 1.0 na na 1.4 na na 1.4 na na 0.9 na na 0.5 na na 0.9 na na 1.3 na na 1.4 na na 1.0 Notes: 4. Survey of Consumer Payment Choice Version of September 2015 T-50 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37m Assessments of Payment Instruments: Speed of Notification of Balances Percentage of consumers Cash 2011............................................. 2012............................................. 2013............................................. Check 2011............................................. 2012............................................. 2013............................................. Money order 2011............................................. 2012............................................. 2013............................................. Debit card 2011............................................. 2012............................................. 2013............................................. Credit card 2011............................................. 2012............................................. 2013............................................. Prepaid card 2011............................................. 2012............................................. 2013............................................. Bank account number payment 2011............................................. 2012............................................. 2013............................................. Online banking bill payment 2011............................................. 2012............................................. 2013............................................. Very slow Slow Neither slow nor fast Fast Very Fast na na 0.4 na na 0.4 na na 1.2 na na 1.3 na na 1.4 na na 0.9 na na 1.4 na na 1.3 na na 1.0 na na 0.6 na na 0.7 na na 1.1 na na 1.4 na na 1.1 na na 1.0 na na 0.3 na na 0.7 na na 1.2 na na 1.4 na na 1.3 na na 0.4 na na 1.0 na na 1.4 na na 1.4 na na 1.0 na na 0.4 na na 0.8 na na 1.4 na na 1.3 na na 1.1 na na 0.5 na na 1.0 na na 1.4 na na 1.4 na na 0.9 na na 0.4 na na 0.9 na na 1.3 na na 1.4 na na 1.1 Notes: 4. Survey of Consumer Payment Choice Version of September 2015 T-51 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37n Assessments of Payment Locations: Security Percentage of consumers Survey year Very risky Risky Neither risky nor secure Secure Very secure In person 2011......... 2012......... 2013......... 0.4 0.2 0.2 0.5 0.4 0.5 0.8 1.0 1.0 1.2 1.3 1.4 1.4 1.5 1.4 Mail 2011......... 2012......... 2013......... 0.9 0.5 0.6 1.3 1.2 1.3 1.3 1.4 1.4 1.3 1.4 1.3 0.8 0.9 0.5 Landline phone 2011......... 2012......... 2013......... 0.7 0.6 na 1.4 1.1 na 1.3 1.4 na 1.3 1.4 na 0.8 1.1 na Web browser on any device 2011......... 2012......... 2013......... na na 0.9 na na 1.4 na na 1.2 na na 1.2 na na 0.5 Voice call 2011......... 2012......... 2013......... na na 0.7 na na 1.3 na na 1.3 na na 1.3 na na 0.6 Mobile app 2011......... 2012......... 2013......... na na 1.0 na na 1.4 na na 1.3 na na 1.0 na na 0.4 Text message 2011......... 2012......... 2013......... na 1.2 0.7 na 1.4 1.4 na 1.4 1.2 na 1.0 1.4 na 0.6 0.6 Online 2011......... 2012......... 2013......... 0.8 na na 1.3 na na 1.1 na na 1.3 na na 0.9 na na Notes: 1, 2, 4. Survey of Consumer Payment Choice Version of September 2015 T-52 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 37o Risk of Overdrafting a Bank Account Percentage of consumers (5) Extremely likely (4) (3) (2) (1) Not at all likely Check 2011................................................ 2012................................................ 2013................................................ na na 1.3 na na 1.3 na na 1.0 na na 0.9 na na 1.1 na na 1.1 na na 1.2 na na 1.1 na na 1.1 na na 1.2 na na 1.0 na na 1.2 na na 1.3 na na 1.0 na na 1.2 na na 1.0 na na 1.1 na na 1.3 na na 1.1 na na 1.2 Debit card 2011................................................ 2012................................................ 2013................................................ Bank account number payment 2011................................................ 2012................................................ 2013................................................ Online banking bill payment 2011................................................ 2012................................................ 2013................................................ Table 37p Assessment of Debit Authorization Mode Percentage of consumers Security Very risky Risky Neither risky nor secure Secure Very secure PIN debit card 2011................................................ 2012................................................ 2013................................................ 0.6 0.7 0.7 1.0 1.1 1.0 1.0 1.1 1.1 1.4 1.5 1.4 1.3 1.3 1.0 0.5 0.6 0.6 1.2 1.2 1.3 1.2 1.4 1.3 1.4 1.4 1.4 1.1 1.2 0.8 1.4 1.4 1.4 1.4 1.4 1.3 1.0 1.2 1.0 0.8 0.7 0.7 0.5 0.6 0.5 1.2 1.1 1.1 1.4 1.5 1.4 1.2 1.3 1.2 1.0 1.1 1.1 0.7 0.6 0.4 2011 1.6 1.3 1.3 0.5 2012 1.7 1.5 1.4 na 2013 1.5 1.3 1.3 na Signature debit card 2011................................................ 2012................................................ 2013................................................ No PIN and no signature debit card 2011................................................ 2012................................................ 2013................................................ Using a debit card online 2011................................................ 2012................................................ 2013................................................ Table 37q 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 September 2015 T-53 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 38 Demographics: Gender, Age, Race, Ethnicity, and Education Percentage of consumers, except where noted* 2011 2012 2013 U.S. Population age 18 + older (millions) Number of survey respondents — — — — — — Gender Male...................................................................................................................... Female.................................................................................................................. 1.5 1.5 1.5 1.5 1.3 1.3 Age 18–24.................................................................................................................... 25–34.................................................................................................................... 35–44.................................................................................................................... 45–54.................................................................................................................... 55–64.................................................................................................................... 65 and older.......................................................................................................... 1.0 1.4 1.1 1.1 0.8 1.0 1.0 1.5 1.1 1.1 0.9 1.0 0.8 1.2 1.0 1.0 0.9 1.1 Race White.................................................................................................................... Black..................................................................................................................... Asian..................................................................................................................... Other..................................................................................................................... 1.5 1.2 0.4 1.0 1.6 1.3 0.5 1.1 1.2 0.9 0.4 0.8 Ethnicity Hispanic or Latino................................................................................................ 1.2 1.3 1.1 Education No high school diploma........................................................................................ High school........................................................................................................... Some college........................................................................................................ College.................................................................................................................. Post-graduate study............................................................................................... 1.0 1.6 1.1 0.8 0.7 1.0 1.6 1.2 0.8 0.7 0.9 1.4 1.1 0.8 0.7 * Estimates are weighted. The table of unweighted sample demographics is available upon request. Notes: 1, 4. Survey of Consumer Payment Choice Version of September 2015 T-54 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 39 Income and Labor Force Status Percentage of consumers* 2011 2012 2013 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................................................................................................. 1.4 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 1.2 1.2 1.1 0.8 0.8 0.8 0.7 0.4 Respondent income Highest in household............................................................................................... About equal with highest......................................................................................... 2nd highest.............................................................................................................. 3rd highest or lower................................................................................................ 1.5 1.0 1.2 0.9 1.5 1.2 1.3 0.9 1.4 1.0 1.2 0.9 Labor force status Working now........................................................................................................... Unemployed and looking for work†........................................................................ Temporarily laid off, on sick or other leave............................................................ Disabled.................................................................................................................. Retired..................................................................................................................... Homemaker............................................................................................................. Other....................................................................................................................... 1.4 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 1.3 0.7 0.2 0.7 1.0 0.8 0.5 * Estimates are weighted. The table of unweighted sample demographics is available upon request. † The numbers for unemployment differ 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, 5. Survey of Consumer Payment Choice Version of September 2015 T-55 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 40 Consumers' Financial Responsibility in the Household Percentage of consumers None Shared equally Some Most All Bill payment 2011..................................................................... 2012..................................................................... 2013..................................................................... 1.1 1.1 1.1 0.9 0.9 0.9 1.0 1.2 1.0 0.8 0.8 0.8 1.5 1.5 1.4 Shopping 2011..................................................................... 2012..................................................................... 2013..................................................................... 1.0 0.9 0.8 1.0 1.2 1.1 1.2 1.3 1.1 1.0 1.0 1.0 1.4 1.4 1.4 Saving and investing 2011..................................................................... 2012..................................................................... 2013..................................................................... 1.0 1.0 1.0 0.9 1.0 0.8 1.3 1.3 1.3 0.9 1.1 1.1 1.4 1.4 1.3 Other 2011..................................................................... 2012..................................................................... 2013..................................................................... 1.0 0.9 0.9 0.8 1.1 0.8 1.3 1.3 1.3 1.0 1.1 1.0 1.4 1.4 1.4 Notes: 1, 2, 4. Survey of Consumer Payment Choice Version of September 2015 T-56 ©2008-2015 Federal Reserve Bank of Boston 2013 Survey of Consumer Payment Choice Standard Errors Tables Table 41 Selected Assets and Liabilities Percentage of consumers, except as noted 2011 2012ʳ 2013 Home ownership rate ................................................................................................. 1.5 1.5 1.3 Credit card debt Carried unpaid balance at any time during the past 12 months .............................. Carried unpaid balance last month ...................................................................... 1.4 1.4 1.4 1.4 1.3 1.3 Mean credit card balance unpaid, previous month (dollars) Per credit card adopter........................................................................................ Per adopter with unpaid balance......................................................................... 294 480 281 477 327 520 Median credit card balance unpaid, previous month (dollars) Per credit card adopter........................................................................................ Per adopter with unpaid balance......................................................................... 96 364 71 344 50 295 Change in unpaid balance since a year ago Much lower.......................................................................................................... Lower................................................................................................................... About the same..................................................................................................... Higher................................................................................................................... Much higher......................................................................................................... 1.5 1.9 2.1 1.7 1.1 1.5 1.9 2.1 1.9 1.5 1.5 1.9 2.0 1.6 1.0 Interest rate on 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 na na na na 1.5 1.0 1.9 1.9 1.7 1.5 0.9 0.2 0.1 1.0 1.2 1.1 1.8 1.6 1.6 1.4 0.8 0.2 0.1 1.2 Notes: 1, 2, 4, 5. Survey of Consumer Payment Choice Version of September 2015 T-57 ©2008-2015 Federal Reserve Bank of Boston