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2014 Survey of Consumer Payment Choice - Standard Error tables 2014 SCPC Table of Contents Adoption of Accounts and Payment Instruments Table 1 Table 2 Table 3 Table 4 Table 5 Table 6 Table 7 Table 8 Table 9 Table 10 Table 11 Table 12 Table 13 Current Ownership of Accounts and Account Access Technologies Historical Ownership of Accounts and Account Access Technologies Discarding of Accounts and Account Access Technologies Primary Bank Account Holdings, by Type of Deposit Account and Financial Institution Interest rates on primary accounts Current Adoption of Payment Instruments, by Type of Asset or Liability Current Adoption of Payment Instruments, by Form of Instrument and Other Means of Payment Historical Adoption of Payment Instruments, by Form of Instrument and Other Means of Payment Discarding of Payment Instruments, by Form of Instrument and Other Means of Payment Current Adoption of Debit, Credit, and Charge Cards, by Instrument Type and Features Current Adoption of Prepaid Cards and Contactless Technologies, by Instrument Type and Features Number of Adopted Accounts and Payment Cards Mean Number of Payment Instruments Adopted by Account and Payment Instrument Adopters Liquid Assets and Asset Management Table 14 Table 15 Table 16 Table 17 Table 18 Liquid Asset Balances Cash Holdings, by Adoption of Deposit Accounts and Payment Instruments Cash Withdrawals, Total and at Most Frequented Location Cash Withdrawal Preferences, by Location and Method Total Cash Withdrawals, by Adoption of Deposit Accounts and Payment Instrument Incidence of Use of Accounts and Payment Instruments Table 19 Table 20 Table 21 Table 22 Table 23a Table 23b Table 24 Table 25 Table 26 Table 27 Share of Consumers or Adopters Using Accounts and Technologies Viewing Account Balances, in a Given Year Mobile Banking and Mobile Payments Share of Consumers Using Payment Instruments, by Type of Asset or Liability Share of Consumers Using Payment Instruments and Other Means of Payment Share of Adopters Using Payment Instruments and Other Means of Payment Share of Consumers Making a Transaction, by Type of Transaction Share of Consumers Using Payment Instrument, by Type of Transaction Share of Consumers Using Payment Instrument, by Type of Bill Payment Share of Consumers Using Payment Instrument, by Type of Nonbill, In-Person Transactions Frequency of Use of Payment Instruments Table 28a Table 28b Table 29 Table 30 Table 31 Table 32 Table 33 Table 34 Number of Consumer Payments in a Typical Month, by Type of Asset or Liability Percentage Share of Consumer Payments in a Typical Month, by Type of Asset or Liability Consumer Payments in a Typical Month, by Payment Instrument Consumer Payments in a Typical Month, by Type of Payment Transaction Use of Payment Instruments in a Typical Month, by Type of Transaction Use of Payment Instruments in a Typical Month, by Type of Bill Payment Use of Payment Instruments in a Typical Month, by Type of Nonbill, In-Person Transactions Payment Instruments Used in a Typical Period, by Type of Instrument and Transaction Loss, Theft, or Fraud Table 35 Loss, Theft, or Fraudulent Use of Payment Instrument Survey of Consumer Payment Choice Version of May 2016 T-1 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Assessments Table 36 Table 37a Table 37b Table 37c Table 37d Table 37e Table 37f Table 37g Table 37h Table 37i Table 37j Table 37k Table 37l Table 37m Table 37n Table 37o Table 37p Table 37q Importance Rankings of Characteristics of Payment Instruments Assessments of Payment Instruments: Acceptance for Payment Assessments of Payment Instruments: Acquisition and Setup Assessments of Payment Instruments: Convenience Assessments of Payment Instruments: Cost Assessments of Payment Instruments: Payment Records Assessments of Payment Instruments: Security (overall) Assessments of Payment Instruments: Security of Personally Identifiable Information Assessments of Payment Instruments: Security of Financial Wealth Assessments of Payment Instruments: Security of Payment Transaction Confidentiality Assessments of Payment Instruments: Speed at Time of Payment Assessments of Payment Instruments: Speed of Payment Deduction Assessments of Payment Instruments: Speed of Recipient Receiving Payment Assessments of Payment Instruments: Speed of Notification of Balances Assessments of Payment Locations: Security Risk of Overdrafting a Bank Account Assessment of Debit Authorization Mode Preferred Way of Authorizing Debit Card Payments Household Characteristics Table 38 Table 39 Table 40 Table 41 Demographics: Gender, Age, Race, Ethnicity, and Education Income and Labor Force Status Consumers' Financial Responsibility in the Household Selected Assets and Liabilities Survey of Consumer Payment Choice Version of May 2016 T-2 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Notes to the SCPC Tables Numeric superscripts in tables correspond to the notes listed below. Extra footnotes on each table are otherwise indicated by a symbol and explained below the table. For definitions of concepts in these tables please refer to Section X, Definitions and Concepts. Footnote Description General 1 2 3 4 5 6 Adoption 7 Superscript "r" indicates that numbers in the table may have been revised; that is, 2012 or 2013 data may have been updated since the initial release. The notation "na" indicates that the estimate is not available, often because the related survey question was not asked in the associated year. Numbers in italics are not comparable across years due to changes in the survey questionnaire or methodology. Numbers may not sum exactly due to rounding or missing values. Growth rates may not match the displayed estimates due to rounding. Dollar values are not adjusted for inflation [applies to Tables 14, 15, 16, 18, 39, 41, Appendix 15z]. The nine available payment instruments are cash, check, money order, traveler's check, debit card, credit card, prepaid card, online banking bill payment, and bank account number payment [applies to Tables 13, 34]. Adoption of payment instrument means the consumer had the instrument, with the following exceptions: a. For cash, adoption means the consumer used the instrument in the given year, held it on person, held it on property, or had obtained it at least once in a given year [applies to Tables 6, 7, 8, 13, 22, 23b]. b. For money order, traveler's check, bank account number payment, and direct deduction from income, adoption means the consumer used the instrument or method in a given year [applies to Tables 6, 7, 8, 13, 15, 18, 22, 23b]. 8 9 10 c. For online banking bill payment, adoption means having signed up for online banking bill pay at a bank's website [applies to Tables 6, 7, 8, 13, 23b]. Historical adoption or ownership includes current adopters as well as respondents who stated that they have used an account or technology in the past, but currently do not adopt the account and technology [applies to Tables 2, 8]. Discarded refers to the difference between historical adoption or ownership and current adoption or ownership rates [applies to Tables 3, 9]. General purpose credit cards have a network logo such as Visa, MasterCard, Discover, or American Express. Branded cards also have a merchant's logo on the card. Some branded cards have a merchant logo only (no payment network). Charge cards require full payment of the balance at the end of each billing period [applies to Tables 10, 12]. Survey of Consumer Payment Choice Version of May 2016 T-3 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables 11 Mobile banking adoption is defined as having downloaded a mobile banking app, or having performed one of the following activities using a mobile phone: (1) Checked a balance or recent transaction; (2) Paid a bill; (3) Received a text message alert from bank; (4) Transferred money between two accounts; (5) Took a photo of a check to deposit it; (6) Sent a text message to one's bank [applies to Tables 1, 2, 3, and 21]. Prepaid Cards 12 13 Other 14 General-purpose prepaid cards have a credit card network or PIN network logo and can be used at any merchant or retailer that accepts cards from that network. Specific-purpose prepaid cards, such as gift cards or public transportation cards, are limited in use to one or several merchants, retailers, or service providers [applies to Table 11]. A reloader is defined as having reported adopting a prepaid card that is reloadable and having added money to it in the past 12 months [applies to Table 19]. The notation "s" indicates that the cell was suppressed due to an insufficient number of observations. Survey of Consumer Payment Choice Version of May 2016 T-4 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 1 Current Ownership of Accounts and Account Access Technologies Percentage of consumers 2012 2013 2014 Deposit and payment accounts................................................................................ Bank deposit accounts........................................................................................... Checking.............................................................................................................. Primary account earns interest........................................................................... Has overdraft protection.................................................................................... Savings................................................................................................................. 0.4 1.1 1.1 1.5 1.6 1.4 0.6 0.9 0.9 1.5 1.3 1.2 0.7 1.0 1.1 1.5 1.5 1.4 Nonbank payment accounts.................................................................................. Amazon payments................................................................................................ Google checkout................................................................................................... Paypal................................................................................................................... Other..................................................................................................................... 1.7 1.1 0.6 1.6 0.4 1.4 1.0 0.6 1.4 0.3 1.5 1.0 0.6 1.5 0.4 Other accounts....................................................................................................... Prepaid cards (bank and nonbank)....................................................................... Credit and charge cards........................................................................................ 1.1 1.5 1.5 1.0 1.4 1.3 1.2 1.5 1.5 Deposit account access technologies....................................................................... ATM card................................................................................................................ ATM card (no debit feature)................................................................................ Debit card............................................................................................................. Telephone banking.................................................................................................. Online banking........................................................................................................ Mobile banking....................................................................................................... Mobile banking app installed............................................................................... 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 1.1 1.2 1.5 1.3 1.5 1.4 na na Information and communication technologies....................................................... Mobile phone.......................................................................................................... Smart phone (iPhone, Android, BlackBerry, etc.)................................................ Tablet...................................................................................................................... 0.6 0.6 1.5 1.3 0.7 0.7 1.3 na 0.8 0.8 1.4 na Notes: 1–4, 11. Survey of Consumer Payment Choice Version of May 2016 T-5 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 2 Historical Ownership of Accounts and Account Access Technologies Percentage of consumers 2012 2013 2014 Deposit and payment accounts............................................................................... Bank deposit accounts.......................................................................................... Checking.............................................................................................................. Primary account earns interest.......................................................................... Has overdraft protection................................................................................... Savings................................................................................................................. 0.3 0.8 0.9 na na 1.2 0.5 0.7 0.7 na na 0.9 0.4 0.7 0.8 na na 1.0 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 1.3 1.3 0.8 1.3 1.1 0.9 1.4 1.3 Deposit account access technologies....................................................................... ATM card............................................................................................................... ATM card (no debit feature)................................................................................ Debit card............................................................................................................ Telephone banking.................................................................................................. Online banking........................................................................................................ Mobile banking....................................................................................................... Mobile banking app installed............................................................................... 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 0.8 1.0 1.5 1.1 1.5 1.3 na na Information and communication technologies...................................................... Mobile phone.......................................................................................................... Smart phone (iPhone, Android, BlackBerry, etc.)............................................... Tablet...................................................................................................................... 0.4 0.4 na na 0.5 0.5 na na 0.5 0.5 na na Notes: 1–4, 8, 11. Survey of Consumer Payment Choice Version of May 2016 T-6 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 3 Discarding of Accounts and Account Access Technologies Percentage of consumers 2012 2013 2014 Deposit and payment accounts............................................................................... Bank deposit accounts.......................................................................................... Checking.............................................................................................................. Primary account earns interest.......................................................................... Has overdraft protection................................................................................... Savings................................................................................................................. 0.3 0.7 0.8 na na 1.0 0.3 0.6 0.6 na na 1.0 0.5 0.7 0.7 na na 1.2 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........................................................................................ 0.8 1.3 1.1 0.7 1.1 0.9 0.9 1.3 1.1 Deposit account access technologies....................................................................... ATM card............................................................................................................... ATM card (no debit feature)................................................................................ Debit card............................................................................................................ Telephone banking.................................................................................................. Online banking........................................................................................................ Mobile banking....................................................................................................... Mobile banking app installed............................................................................... 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 0.8 0.8 1.3 0.9 0.8 0.7 na na Information and communication technologies...................................................... Mobile phone.......................................................................................................... Smart phone (iPhone, Android, BlackBerry, etc.)............................................... Tablet...................................................................................................................... 0.5 0.5 na na 0.5 0.5 na na 0.6 0.6 na na Notes: 1–4, 9, 11. Survey of Consumer Payment Choice Version of May 2016 T-7 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 4 Primary Bank Account Holdings, by Type of Deposit Account and Financial Institution Percentage of consumers* 2012 2013 2014 Primary checking account........................................................................................ Commercial bank..................................................................................................... Savings and loan...................................................................................................... Credit union............................................................................................................. Brokerage................................................................................................................. Internet bank............................................................................................................ Other........................................................................................................................ 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 1.1 1.5 0.8 1.2 0.1 0.3 0.2 Primary savings account.......................................................................................... Commercial bank..................................................................................................... Savings and loan...................................................................................................... Credit union............................................................................................................. Brokerage................................................................................................................. Internet bank............................................................................................................ Other........................................................................................................................ 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 1.4 na na na na na na 2012 2013 2014 Primary checking account........................................................................................ Commercial bank..................................................................................................... Savings and loan...................................................................................................... Credit union............................................................................................................. Brokerage................................................................................................................. Internet bank............................................................................................................ Other........................................................................................................................ — 1.5 0.9 1.3 0.1 0.3 0.3 — 1.3 0.7 1.2 0.1 0.2 0.3 — 1.5 0.9 1.3 0.1 0.3 0.2 Primary savings account.......................................................................................... Commercial bank..................................................................................................... Savings and loan...................................................................................................... Credit union............................................................................................................. Brokerage................................................................................................................. Internet bank............................................................................................................ Other........................................................................................................................ — 1.6 1.0 1.6 0.4 0.6 0.3 — 1.5 0.8 1.4 0.3 0.4 0.2 — na na na na na na 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, 1.5 percent of checking account adopters identified "commercial bank" as the location of their primary checking account in 2014. Notes: 1–4. Survey of Consumer Payment Choice Version of May 2016 T-8 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 5 Interest rates on primary accounts Percentage of adopters of checking or savings accounts 2012 2013 2014 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 0.3 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 1.6 1.3 0.6 0.4 0.3 0.3 0.2 0.3 0.2 0.3 0.2 0.3 0.4 0.2 1.3 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 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 1.1 1.7 0.9 0.5 0.6 0.5 0.5 0.6 0.6 0.6 0.3 0.4 0.1 0.2 1.4 Notes: 2, 4. Survey of Consumer Payment Choice Version of May 2016 T-9 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 6 Current Adoption of Payment Instruments, by Type of Asset or Liability Percentage of consumers 2012ʳ 2013ʳ 2014 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.................................................................................................. 0.0 0.0 0.0 0.3 1.1 1.3 0.6 1.3 1.5 1.5 0.1 0.1 0.2 0.3 0.9 1.1 0.6 1.2 1.4 1.3 0.2 0.2 0.2 0.3 1.0 1.3 0.6 1.3 1.5 1.5 0.8 0.8 0.8 Private currency.................................................................................................... Bitcoin.................................................................................................................. Other kinds of virtual currency............................................................................. na na na na na na 0.1 0.1 0.1 Unknown asset type†............................................................................................. Money order......................................................................................................... Prepaid card......................................................................................................... 1.4 1.4 1.5 1.3 1.1 1.4 1.5 1.2 1.5 Liabilities................................................................................................................... Credit or charge card............................................................................................... Credit ................................................................................................................... Charge.................................................................................................................. Text/SMS mobile payment...................................................................................... 1.5 1.5 1.5 0.9 0.6 1.2 1.3 1.3 0.6 0.9 1.5 1.5 1.5 0.7 na Other means of payment.......................................................................................... Direct deduction from income................................................................................. 1.1 1.1 1.1 1.1 1.2 1.2 * For official definition of M1, see Federal Reserve Statistical Release H.6. † These types are "unknown" because it is unknown if the underlying funds are held in a deposit account or not. Notes: 1–4, 7. Survey of Consumer Payment Choice Version of May 2016 T-10 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 7 Current Adoption of Payment Instruments, by Form of Instrument and Other Means of Payment Percentage of consumers 2012ʳ 2013ʳ 2014 Paper instruments.................................................................................................... Cash......................................................................................................................... Checks..................................................................................................................... Certified check..................................................................................................... Cash and check substitutes...................................................................................... Money order......................................................................................................... Traveler's check.................................................................................................... Cashier's check..................................................................................................... 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 0.2 0.2 1.3 0.6 1.3 1.2 0.3 0.8 Payment cards.......................................................................................................... Debit........................................................................................................................ Credit or charge....................................................................................................... Credit.................................................................................................................... Charge ................................................................................................................. Prepaid.................................................................................................................... 0.6 1.3 1.5 1.5 0.9 1.5 0.7 1.2 1.3 1.3 0.6 1.4 0.8 1.3 1.5 1.5 0.6 1.5 Electronic payments................................................................................................. Online banking bill payment................................................................................... Bank account number payment............................................................................... Private currency....................................................................................................... Bitcoin.................................................................................................................. Other kinds of virtual currency............................................................................. 1.4 1.5 1.5 na na na 1.2 1.4 1.3 na na na 1.4 1.5 1.5 0.1 0.1 0.1 Other means of payment.......................................................................................... Direct deduction from income................................................................................. 1.1 1.1 1.1 1.1 1.2 1.2 Addendum: Virtual currency awareness.................................................................. Bitcoin.................................................................................................................... Other kinds of virtual currency.............................................................................. na na na na na na 1.4 1.4 0.2 Notes: 1–4, 7. Survey of Consumer Payment Choice Version of May 2016 T-11 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 8 Historical Adoption of Payment Instruments, by Form of Instrument and Other Means of Payment Percentage of consumers 2012 2013 2014 Paper instruments.................................................................................................... Cash......................................................................................................................... Checks..................................................................................................................... Certified check..................................................................................................... Cash and check substitutes...................................................................................... Money order......................................................................................................... Traveler's check.................................................................................................... Cashier's check..................................................................................................... na na na na na 1.3 na na na na na na na 1.1 na na na na na na na 1.2 na na Payment cards.......................................................................................................... Debit........................................................................................................................ Credit or charge....................................................................................................... Credit.................................................................................................................... Charge.................................................................................................................. Prepaid.................................................................................................................... 0.4 1.2 1.3 na na 1.3 0.5 1.1 1.1 na na 1.3 0.5 1.1 1.3 na na 1.4 Electronic payments................................................................................................. Online banking bill payment................................................................................... Bank account number payment............................................................................... Private currency....................................................................................................... Bitcoin.................................................................................................................. Other kinds of virtual currency............................................................................. na 1.5 na na na na na 1.3 na na na na na 1.5 na 0.3 0.2 0.2 Other means of payment.......................................................................................... Direct deduction from income................................................................................. na na na na na na Notes: 1–4, 7, 8. Survey of Consumer Payment Choice Version of May 2016 T-12 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 9 Discarding of Payment Instruments, by Form of Instrument and Other Means of Payment Percentage of consumers 2012 2013 2014 Paper instruments.................................................................................................... Cash......................................................................................................................... Checks..................................................................................................................... Certified check..................................................................................................... Cash and check substitutes...................................................................................... Money order......................................................................................................... Traveler's check.................................................................................................... Cashier's check..................................................................................................... na na na na na 1.5 na na na na na na na 1.3 na na na na na na na 1.5 na na Payment cards.......................................................................................................... Debit........................................................................................................................ Credit or charge....................................................................................................... Credit.................................................................................................................... Charge.................................................................................................................. Prepaid.................................................................................................................... 0.4 0.8 1.1 na na 1.3 0.4 0.7 0.9 na na 1.1 0.6 0.9 1.1 na na 1.3 Electronic payments................................................................................................. Online banking bill payment................................................................................... Bank account number payment............................................................................... Private currency....................................................................................................... Bitcoin.................................................................................................................. Other kinds of virtual currency............................................................................. na 0.7 na na na na na 0.7 na na na na na 0.8 na 0.2 0.2 0.2 Other means of payment.......................................................................................... Direct deduction from income................................................................................. na na na na na na Notes: 1–4, 9. Survey of Consumer Payment Choice Version of May 2016 T-13 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 10 Current Adoption of Debit, Credit, and Charge Cards, by Instrument Type and Features Percentage of consumers 2012 2013 2014 Debit cards............................................................................................................... Rewards.................................................................................................................. Contactless............................................................................................................. 1.3 1.3 0.9 1.2 1.0 0.8 1.3 1.2 na Credit cards or charge cards.................................................................................. Rewards.................................................................................................................. Nonrewards............................................................................................................ 1.5 1.5 1.5 1.3 1.4 1.3 1.5 1.6 1.4 Credit cards.......................................................................................................... Rewards............................................................................................................... Nonrewards......................................................................................................... Contactless.......................................................................................................... 1.5 1.5 1.5 0.9 1.3 1.4 1.3 0.8 1.5 1.6 1.4 na General purpose.................................................................................................. Rewards............................................................................................................ Nonrewards...................................................................................................... Visa, MasterCard, Discover ............................................................................ Visa............................................................................................................... MasterCard.................................................................................................... Discover........................................................................................................ American Express ............................................................................................ Company or store branded ................................................................................. Rewards............................................................................................................ Nonrewards...................................................................................................... 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 1.5 1.6 1.4 1.5 1.6 1.5 1.2 1.0 1.5 1.2 1.1 Charge cards......................................................................................................... Rewards............................................................................................................... Nonrewards......................................................................................................... American Express charge cards........................................................................... Rewards............................................................................................................ Nonrewards...................................................................................................... Diners Club or other charge cards....................................................................... Rewards............................................................................................................ Nonrewards...................................................................................................... 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 0.6 0.4 0.3 0.5 0.4 0.2 0.3 0.1 0.2 Notes: 1–4, 10. Survey of Consumer Payment Choice Version of May 2016 T-14 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 11 Current Adoption of Prepaid Cards and Contactless Technologies, by Instrument Type and Features Percentage of consumers 2012 2013 2014 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................................................................................... 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 1.5 na 1.2 0.4 1.0 0.8 0.5 1.0 0.3 0.3 0.9 1.5 1.3 0.5 0.0 0.7 0.3 0.9 Contactless Technologies.......................................................................................... Any payment card.................................................................................................... Electronic toll payment............................................................................................ Mobile app............................................................................................................... Key fob.................................................................................................................... Mobile phone*......................................................................................................... 1.3 1.2 0.8 na 0.4 0.3 1.2 1.1 0.9 0.6 0.3 0.3 na na na na na na * Adoption means the consumer had and used the instrument in a given year. Notes: 1–4, 7, 12. Survey of Consumer Payment Choice Version of May 2016 T-15 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 12 Number of Adopted Accounts and Payment Cards Mean number per adopter* 2012 2013 2014 Deposit accounts....................................................................................................... Checking................................................................................................................. Savings.................................................................................................................... 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 Payment cards.......................................................................................................... ATM card................................................................................................................ ATM card (no debit feature)................................................................................ Debit card............................................................................................................. 0.2 0.0 0.0 0.0 0.1 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 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 Branded ............................................................................................................ Rewards.......................................................................................................... Nonrewards.................................................................................................... 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.0 Charge cards......................................................................................................... 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..................................................................................................................... 0.1 0.0 0.0 0.1 0.1 0.0 0.0 0.1 0.2 0.1 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. Notes: 1–4, 7, 10. Survey of Consumer Payment Choice Version of May 2016 T-16 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 13 Mean Number of Payment Instruments Adopted by Account and Payment Instrument Adopters Mean number per consumer or adopter 2012 2013 2014 Available number of payment instruments (all consumers)................................. — — — Total (all consumers)............................................................................................. Paper instruments................................................................................................. Card instruments................................................................................................... Electronic instruments.......................................................................................... 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 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 s 0.0 0.0 0.0 0.1 s 0.1 0.1 0.0 0.1 s Payment card adopters...................................................................................... Debit card adopters........................................................................................... Credit card adopters.......................................................................................... Prepaid card adopters........................................................................................ 0.0 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, 14. Survey of Consumer Payment Choice Version of May 2016 T-17 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 14 Liquid Asset Balances Dollars per consumer, except as noted Mean Median 2012 2013 2014 2012 2013 2014 Cash holdings...................................................................................... On person.......................................................................................... On property....................................................................................... 78 8 79 114 3 118 38 4 37 5 2 3 4 1 3 5 1 3 Excluding large-value holdings*....................................................... On person....................................................................................... On property.................................................................................... 16 8 14 12 3 12 11 3 10 5 2 3 3 2 2 5 1 2 Prepaid card holdings........................................................................ Prepaid card holdings, adopters only................................................ 20 37 na na na na 3 8 na na na na Virtual currency holdings† Number of coins................................................................................ Bitcoin............................................................................................ Other virtual currencies.................................................................. Dollar value of coins......................................................................... Bitcoin............................................................................................ Other virtual currencies.................................................................. na na na na na na na na na na na na 0.7 0.1 0.6 2.3 1.5 0.8 na na na na na na na na na na na na 0.0 0.0 0.0 0.0 0.0 0.0 * 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 $3,600 in 2012, $4,120 for in 2013, and $2,675 in 2014. † There are too few observations to report "adopters only" numbers for virtual currencies. Notes: 1–5. Survey of Consumer Payment Choice Version of May 2016 T-18 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 15 Cash Holdings, by Adoption of Deposit Accounts and Payment Instruments Dollars per consumer*† Mean Adopters 2012 2013 2014 Median 2013 2012 2014 Deposit account .................................. On person.......................................... On property....................................... 15 4 14 13 3 13 11 3 11 5 2 3 4 1 3 6 1 3 ATM or debit card ............................ On person.......................................... On property....................................... 11 4 10 13 4 13 11 3 11 4 2 3 3 2 2 5 1 2 Credit card ......................................... On person.......................................... On property....................................... 20 10 17 16 4 16 13 3 13 7 3 3 6 2 4 7 2 4 Prepaid card ....................................... On person.......................................... On property....................................... 21 6 20 16 5 15 15 5 14 10 3 4 6 2 4 11 3 4 Money order....................................... On person.......................................... On property....................................... 43 31 27 27 5 26 Mean 2013 17 6 14 11 5 4 7 2 2 Median 2013 9 1 3 Nonadopters 2012 2014 2012 2014 Deposit account................................... On person.......................................... On property....................................... 119 91 77 20 10 16 41 13 31 19 9 12 11 3 6 5 5 8 ATM or debit card............................. On person.......................................... On property....................................... 82 43 72 31 7 29 34 11 29 22 7 10 17 7 9 18 3 7 Credit card.......................................... On person.......................................... On property....................................... 28 7 25 14 5 13 15 6 12 5 3 1 5 2 2 4 3 3 Prepaid card........................................ On person.......................................... On property....................................... 25 15 21 18 4 18 15 3 14 5 4 2 6 3 2 6 2 2 Money order....................................... On person.......................................... On property....................................... 17 4 17 14 4 13 13 3 12 5 2 3 5 2 4 6 1 2 * "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. Survey of Consumer Payment Choice Version of May 2016 T-19 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 16 Cash Withdrawals, Total and at Most Frequented Location Dollars per consumer per location, except as noted* Cash withdrawals†................................................................... Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 2012 47 6 0.4 Mean 2013 54 4 0.4 Most frequented location...................................................... Amount per withdrawal........................................................ Withdrawals (number per month)......................................... 29 6 0.2 45 5 0.3 30 6 0.2 14 9 0.2 7 2 0.2 14 2 0.2 All other locations.................................................................. Amount per withdrawal........................................................ Withdrawals (number per month)......................................... 26 5 0.2 15 3 0.1 9 3 0.1 2 2 0.0 2 2 0.1 2 3 0.1 2012 Mean 2013 2014 2012 ATM........................................................................................... Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 39 5 0.3 27 4 0.2 33 5 0.3 16 5 0.2 7 3 0.1 7 4 0.2 Bank teller................................................................................. Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 51 15 0.3 104 13 0.8 76 17 0.4 49 12 0.2 38 11 0.2 25 9 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)............................................ 10 2 0.3 39 2 0.8 13 2 0.3 8 3 0.2 7 3 0.2 6 1 0.1 Employer................................................................................... Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 232 37 1.1 482 34 1.0 s s s 282 39 0.9 194 20 0.7 s s s Family or friend........................................................................ Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 180 8 2.3 79 21 1.3 72 15 0.6 17 8 0.3 15 6 0.1 8 7 0.1 Other.......................................................................................... Amount per withdrawal........................................................... Withdrawals (number per month)............................................ 281 24 2.0 803 40 3.6 s s s 158 21 0.6 175 22 1.3 s s s Total, per month At Most Frequented Location, per month 2014 33 5 0.3 2012 15 6 0.1 Median 2013 13 4 0.1 Median 2013 2014 10 3 0.2 2014 * 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, 14. Survey of Consumer Payment Choice Version of May 2016 T-20 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error 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 2012 0.8 0.3 2012 ATM........................................................................................... Bank teller.................................................................................. Check cashing store.................................................................... Retail or grocery store................................................................ Employer.................................................................................... Family or friend.......................................................................... Other........................................................................................... Mean 2013 0.8 0.4 Mean 2013 2014 1.1 0.5 2014 1.5 1.3 0.6 0.9 0.6 0.7 0.6 1.4 1.2 0.5 0.9 0.5 0.7 0.5 Mean 1.5 1.3 0.4 1.0 0.5 0.8 0.5 2012 2013 2014 ATM Debit card................................................................................ ATM card................................................................................ Prepaid card............................................................................. Credit card cash advance......................................................... Other type of card.................................................................... 2.0 1.6 1.4 0.2 0.7 1.6 1.4 0.5 0.5 0.6 na na na na na Retail store Debit card................................................................................ Write a check........................................................................... Prepaid card............................................................................. Other method........................................................................... 2.7 1.0 0.8 2.4 2.3 1.0 1.5 1.6 na na na na Most Frequent Method, by Location Notes: 1–4. Survey of Consumer Payment Choice Version of May 2016 T-21 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error 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 2012 2013 2014 Median 2012 2013 2014 Deposit account......................................................................... Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 32 5 0.3 44 4 0.4 35 4 0.3 17 4 0.1 10 3 0.3 9 1 0.3 ATM or debit card.................................................................... Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 34 5 0.3 47 4 0.4 33 4 0.3 16 3 0.1 10 3 0.1 8 3 0.3 Credit card................................................................................ Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 49 4 0.4 37 5 0.3 39 5 0.3 16 5 0.3 9 4 0.2 9 3 0.2 Prepaid card.............................................................................. Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 61 7 0.5 82 6 0.6 49 7 0.4 23 7 0.1 14 5 0.1 24 4 0.3 Money order.............................................................................. Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 177 12 1.5 205 10 1.6 107 13 0.8 56 9 0.5 35 6 0.3 35 9 0.2 Mean Nonadopters, per month Median 2012 2013 2014 2012 2013 2014 Deposit account......................................................................... Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 442 43 3.2 438 27 2.6 98 40 0.8 165 27 0.8 119 24 0.6 80 46 0.2 ATM or debit card.................................................................... Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 213 22 1.6 229 17 1.4 113 22 0.7 51 25 0.5 56 15 0.3 54 21 0.2 Credit card................................................................................ Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 109 18 1.0 160 10 1.2 63 15 0.7 55 10 0.1 44 5 0.1 43 4 0.3 Prepaid card.............................................................................. Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 74 9 0.6 71 6 0.6 43 8 0.4 25 7 0.3 13 4 0.2 10 3 0.2 Money order.............................................................................. Amount per withdrawal............................................................ Withdrawals (number per month)............................................ 34 7 0.2 42 5 0.3 32 6 0.3 16 5 0.3 9 4 0.2 7 3 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 May 2016 T-22 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 19 Share of Consumers or Adopters Using Accounts and Technologies Percentage of consumers or adopters Percentage of consumers 2012 2013 2014 Nonbank payment accounts.................................................................................................... Online payment service provider............................................................................................. Prepaid card reloading............................................................................................................ Dollar amount per reloading, reloaders only........................................................................ Number of reloads per month, reloaders only...................................................................... 1.6 1.5 1.0 44.6 0.2 1.3 1.3 na na na na na na na na Deposit account access technologies....................................................................................... Visiting a bank branch*........................................................................................................... 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....................................................................................................................... 1.3 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 na na na na na na na na na na Underbanked financial services Non-bank money order/cashier's check, check cashing, remittance, payday loan................... Pawn shop, rent-to-own services, tax refund anticipation loan............................................... na na na na na na na na na 2012 2013 2014 1.9 1.9 na na na 1.6 1.6 na na na na na na na na 2012 2013 2014 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....................................................................................................................... 0.8 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 na na na na na na na na na na Underbanked financial services† Non-bank money order/cashier's check, check cashing, remittance, payday loan................... Pawn shop, rent-to-own services, tax refund anticipation loan............................................... na na na na na na 1.4 1.3 0.8 Percentage of nonbank payment account adopters Nonbank payment accounts.................................................................................................... Online payment service provider............................................................................................. Prepaid card reloading............................................................................................................ Dollar amount per reloading, reloaders only........................................................................ Number of reloads per month, reloaders only...................................................................... Percentage of bank account 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. † "Underbanked" is defined as having a bank account, and doing one of the actions listed in the past 12 months. These actions are based on the FDIC definition of underbanked. Notes: 1–4, 13. Survey of Consumer Payment Choice Version of May 2016 T-23 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 20 Viewing Account Balances, in a Given Year Percentage of consumers, except where noted 2012 2013 2014 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 0.9 1.4 1.3 1.3 1.4 1.1 1.4 0.4 na na na na na na na na 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 0.3 1.5 1.2 1.4 1.4 1.2 1.5 0.4 na na na na na na na na Mean number of times consumers check their account balance, per month Bank account............................................................................................................................... Credit card.................................................................................................................................. Prepaid card................................................................................................................................ na na na 4.2 0.4 1.7 na na na Median number of times consumers check their account balance, per month Bank account............................................................................................................................... Credit card.................................................................................................................................. Prepaid card................................................................................................................................ na na na 1.0 0.2 0.2 na na na Notes: 1–4. Survey of Consumer Payment Choice Version of May 2016 T-24 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 21 Mobile Banking and Mobile Payments Percentage of consumers, except as noted Banking 2012 2013 2014 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............................................................................ 1.5 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 na na na na na na na na 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 1.4 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 na na na na na na na na 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............................................................................ 0.8 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 na na na na na na na na 2012 2013 2014 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......................................................................................... 1.2 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 na na na na na na na na 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 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 na na na na na na na na Payments Notes: 1–4, 11. Survey of Consumer Payment Choice Version of May 2016 T-25 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 22 Share of Consumers Using Payment Instruments, by Type of Asset or Liability Percentage of consumers Monthly 2012 2013 Annual 2014 2012 2013 2014 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 1.3 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 1.3 na 1.2 1.5 na 1.5 1.5 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 0.8 0.8 1.2 0.3 1.2 1.5 0.6 1.5 1.5 1.5 0.8 0.8 Private currency.......................................................... Bitcoin........................................................................ Other kinds of virtual currency.................................. na na na na na na na na na na na na na na na 0.1 0.0 0.1 Unknown asset type†.................................................. Money order............................................................... Prepaid card............................................................... 1.4 1.1 0.9 1.2 0.7 0.7 1.4 1.0 0.9 1.4 1.1 1.1 1.3 0.8 0.9 1.4 1.0 1.0 Liabilities........................................................................ Credit or charge card..................................................... Credit......................................................................... Charge........................................................................ Text/SMS mobile payment............................................ 1.5 1.5 na na na 1.4 1.4 na na na 1.6 1.6 na na na 1.6 1.6 na na 0.6 1.3 1.3 na na 0.9 1.5 1.5 na na na Other means of payment............................................... Direct deduction from income....................................... 1.0 1.0 1.0 1.0 1.1 1.1 1.0 1.0 1.0 1.0 1.1 1.1 * For official definition of M1, see Federal Reserve Statistical Release H.6. † These types are "unknown" because it is unknown if the underlying funds are held in a deposit account or not. Notes: 1–4, 7. Survey of Consumer Payment Choice Version of May 2016 T-26 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 23a Share of Consumers Using Payment Instruments and Other Means of Payment Percentage of consumers Monthly 2012 2013 Annual 2014 2012 2013 2014 Paper instruments.......................................................... Cash.............................................................................. Check............................................................................ Certified check........................................................... Money order.................................................................. Traveler's check............................................................ Cashier's check.............................................................. 1.0 1.1 1.5 na 1.1 na na 0.9 1.1 1.3 na 0.7 na na 1.1 1.3 1.5 na 1.0 na 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 1.1 1.2 1.5 0.6 1.0 0.3 0.8 Payment cards................................................................ Debit............................................................................. Credit or charge............................................................ Prepaid.......................................................................... 1.3 1.5 1.5 0.9 1.0 1.3 1.4 0.7 1.2 1.5 1.6 0.9 1.3 1.5 1.6 1.1 1.0 1.3 1.3 0.9 1.2 1.5 1.5 1.0 Electronic payments....................................................... Online banking bill payment......................................... Bank account number payment..................................... 1.5 1.4 1.5 1.3 1.3 1.4 1.5 1.5 1.5 1.5 1.4 1.5 1.3 1.3 1.3 1.5 1.5 1.5 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 1.2 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 na na na na na na na na na Other means of payment............................................... Direct deduction from income....................................... 1.0 1.0 1.0 1.0 1.1 1.1 1.0 1.0 1.0 1.0 1.1 1.1 Notes: 1–4. Survey of Consumer Payment Choice Version of May 2016 T-27 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 23b Share of Adopters Using Payment Instruments and Other Means of Payment Percentage of adopters* Monthly 2012 2013 Annual 2014 2012 2013 2014 Paper instruments.......................................................... Cash.............................................................................. Check............................................................................ Certified check........................................................... Money order.................................................................. Traveler's check............................................................ Cashier's check.............................................................. 1.0 1.1 1.4 na 3.8 na na 0.9 1.1 1.3 na 2.8 na na 1.1 1.3 1.5 na 3.8 na na 0.9 1.1 1.2 na 3.6 na na 0.9 1.0 1.1 na 2.8 na na 1.1 1.2 1.4 na 3.5 na na Payment cards................................................................ Debit............................................................................. Credit or charge............................................................ Prepaid.......................................................................... 1.2 1.4 1.5 1.7 0.9 1.1 1.3 1.4 1.0 1.3 1.4 1.6 1.2 1.3 1.4 1.9 0.8 1.0 1.2 1.6 1.0 1.2 1.3 1.7 Electronic payments....................................................... Online banking bill payment......................................... Bank account number payment†................................... 1.2 1.9 1.2 1.1 1.7 1.0 1.0 1.9 0.8 1.1 1.9 0.0 0.9 1.7 0.0 1.0 1.9 0.0 Unknown/unspecified instrument Mobile payments†......................................................... Text/SMS................................................................... Contactless................................................................. Scanned a barcode..................................................... Used your mobile phone's web browser..................... Used a mobile app...................................................... Swiped card in device attached to mobile phone....... 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 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 na na na na na na na na Other means of payment Direct deduction from income†..................................... 1.5 1.1 1.1 0.0 0.0 0.0 * Each payment instrument uses adopters of that particular payment instrument as the denominator. For example, in 2014, 1.3 percent of cash adopters use cash in a typical month. † Estimates are 100 percent whenever adoption is defined solely as annual incidence of use. Notes: 1–4, 7. Survey of Consumer Payment Choice Version of May 2016 T-28 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 24 Share of Consumers Making a Transaction, by Type of Transaction Percentage of consumers Monthly Annual 2012 2013 2014 2012 2013 2014 Any transaction......................................................................... Online or electronic ................................................................. By mail, in person, or by phone .............................................. 0.8 1.3 0.9 0.7 1.1 0.8 0.8 1.2 0.9 0.8 1.2 0.9 0.7 1.1 0.8 0.8 1.2 0.9 Bill payments.......................................................................... Automatic.............................................................................. Direct deduction from income............................................ Online.................................................................................... By mail, in person, or by phone............................................ 1.0 1.5 1.0 1.5 1.3 0.9 1.4 1.0 1.3 1.2 0.9 1.6 1.1 1.5 1.3 0.9 1.5 1.0 1.5 1.2 0.9 1.4 1.0 1.3 1.1 0.9 1.6 1.1 1.5 1.3 Nonbill payments.................................................................... Online or electronic............................................................... By mail, in person, or by phone............................................ Retail goods........................................................................ Services.............................................................................. 0.9 1.5 1.0 1.2 1.2 0.8 1.4 0.8 0.9 1.1 1.1 1.5 1.1 1.3 1.3 0.9 1.5 1.0 1.2 1.2 0.8 1.3 0.8 0.9 1.0 1.1 1.5 1.1 1.2 1.2 Person to person Online or electronic............................................................ By mail, in person, or by phone......................................... 1.5 1.1 1.5 1.4 1.0 1.3 1.5 1.1 1.5 1.4 1.3 1.4 1.3 1.1 1.4 1.5 1.3 1.5 Notes: 1–4. Survey of Consumer Payment Choice Version of May 2016 T-29 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 25 Share of Consumers Using Payment Instrument, by Type of Transaction Percentage of consumers Nonbill payments Monthly Bill Payments Online Not online* 2012 2013 2014 2012 2013 2014 2012 2013 2014 Paper instruments..................................... Cash.......................................................... Check....................................................... Money order............................................. Traveler's check........................................ 1.4 1.4 1.5 0.9 na 1.3 1.3 1.4 0.7 na 1.4 1.4 1.5 0.9 na 1.2 na 1.1 0.8 na 1.0 na 1.0 0.4 na 1.2 na 1.2 0.5 na 1.1 1.2 1.4 0.7 na 1.0 1.1 1.3 0.5 na 1.3 1.3 1.4 0.6 na Payment cards........................................... Debit......................................................... Credit or charge........................................ Prepaid..................................................... 1.5 1.5 1.4 0.7 1.3 1.3 1.3 0.5 1.4 1.5 1.5 0.6 1.5 1.3 1.1 0.7 1.3 1.1 1.1 0.5 1.5 1.3 1.2 0.5 1.4 1.5 1.5 0.8 1.2 1.4 1.4 0.7 1.4 1.5 1.5 0.8 Electronic payments.................................. Online banking bill payment.................... Bank account number payment................ 1.5 1.4 1.5 1.3 1.3 1.4 1.5 1.5 1.5 1.1 na 1.1 1.0 na 1.0 1.1 na 1.1 0.9 0.7 0.8 0.9 0.6 0.7 1.0 0.8 0.8 Other means of payment........................... Direct deduction from income.................. 1.0 1.0 1.0 1.0 1.1 1.1 na na na na na na na na na na na na Nonbill payments Annual Bill Payments Online Not online 2012 2013 2014 2012 2013 2014 2012 2013 2014 Paper instruments..................................... Cash.......................................................... Check....................................................... Money order............................................. Traveler's check........................................ 1.3 1.5 1.5 1.0 na 1.2 1.3 1.3 0.8 na 1.4 1.5 1.5 0.9 na 1.3 na 1.2 0.8 na 1.1 na 1.1 0.5 na 1.3 na 1.3 0.6 na 1.1 1.1 1.5 0.8 na 1.0 1.0 1.3 0.6 na 1.2 1.3 1.5 0.7 na Payment cards........................................... Debit......................................................... Credit or charge........................................ Prepaid..................................................... 1.4 1.5 1.5 0.8 1.3 1.3 1.3 0.6 1.4 1.5 1.5 0.7 1.5 1.4 1.4 0.8 1.4 1.2 1.3 0.6 1.5 1.4 1.4 0.7 1.4 1.5 1.5 1.0 1.1 1.3 1.4 0.8 1.3 1.5 1.6 0.9 Electronic payments.................................. Online banking bill payment.................... Bank account number payment................ 1.5 1.4 1.5 1.3 1.3 1.4 1.5 1.5 1.5 1.2 na 1.2 1.2 na 1.2 1.3 na 1.3 1.1 0.8 1.0 1.0 0.7 0.9 1.1 0.9 1.0 Other means of payment........................... Direct deduction from income.................. 1.0 1.0 1.0 1.0 1.1 1.1 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 May 2016 T-30 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 26 Share of Consumers Using Payment Instrument, by Type of Bill Payment Percentage of consumers Automatic Monthly 2012 2013 2014 2012 Online By mail or in person 2013 2014 2012 2013 2014 Any instrument.......................................... 1.5 1.4 1.6 1.5 1.3 1.5 1.3 1.2 1.3 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 1.4 1.4 1.5 0.9 na 1.3 1.3 1.4 0.7 na 1.4 1.4 1.5 0.9 na Payment cards........................................... Debit......................................................... Credit or charge........................................ Prepaid..................................................... 1.4 1.2 1.2 na 1.3 1.1 1.1 na 1.4 1.3 1.3 na 1.5 1.4 1.2 na 1.3 1.2 1.1 na 1.5 1.4 1.3 na 1.5 1.2 1.1 0.7 1.3 1.1 1.1 0.5 1.5 1.4 1.2 0.6 Electronic payments.................................. Online banking bill payment.................... Bank account number payment................ 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 1.5 1.4 1.5 na na na na na na na na na Other means of payment........................... Direct deduction from income.................. 1.0 1.0 1.0 1.0 1.1 1.1 na na na na na na na na na na na na Automatic Annual Online By mail or in person 2012 2013 2014 2012 2013 2014 2012 2013 2014 Any instrument.......................................... 1.5 1.4 1.6 1.5 1.3 1.5 1.2 1.1 1.3 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 1.5 1.5 1.0 na 1.2 1.3 1.3 0.8 na 1.4 1.5 1.5 0.9 na Payment cards........................................... Debit......................................................... Credit or charge........................................ Prepaid..................................................... 1.4 1.2 1.2 na 1.3 1.1 1.2 na 1.5 1.3 1.3 na 1.5 1.4 1.2 na 1.4 1.3 1.2 na 1.5 1.5 1.3 na 1.5 1.3 1.2 0.8 1.3 1.2 1.2 0.6 1.5 1.4 1.3 0.7 Electronic payments.................................. Online banking bill payment.................... Bank account number payment................ 1.5 1.1 1.4 1.3 1.1 1.3 1.5 1.3 1.5 1.5 1.3 1.4 1.4 1.2 1.3 1.5 1.4 1.5 na na na na na na na na na Other means of payment........................... Direct deduction from income.................. 1.0 1.0 1.0 1.0 1.1 1.1 na na na na na na na na na na na na Notes: 1–4. Survey of Consumer Payment Choice Version of May 2016 T-31 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error 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 2012 2013 2014 2012 2013 2014 2012 2013 2014 Any instrument.......................................... 1.2 0.9 1.3 1.2 1.1 1.3 1.5 1.4 1.5 Paper instruments..................................... Cash.......................................................... Check....................................................... Money order............................................. Traveler's check........................................ 1.4 1.4 1.2 0.6 na 1.2 1.3 1.1 0.3 na 1.5 1.5 1.2 0.4 na 1.4 1.5 1.2 0.6 na 1.3 1.3 1.1 0.4 na 1.5 1.5 1.2 0.2 na 1.5 1.5 1.0 0.5 na 1.3 1.3 1.0 0.3 na 1.5 1.5 1.1 0.5 na Payment cards........................................... Debit......................................................... Credit or charge........................................ Prepaid..................................................... 1.5 1.5 1.5 0.8 1.2 1.4 1.3 0.6 1.5 1.5 1.5 0.7 1.5 1.5 1.4 0.7 1.3 1.3 1.3 0.5 1.5 1.5 1.5 0.6 0.9 0.8 0.5 na 0.7 0.6 0.6 na 0.9 0.7 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 0.8 0.9 0.6 0.7 1.0 0.8 0.8 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 Annual Retail Services and other Person to person 2012 2013 2014 2012 2013 2014 2012 2013 2014 Any instrument.......................................... 1.2 0.9 1.2 1.2 1.0 1.2 1.4 1.3 1.5 Paper instruments..................................... Cash.......................................................... Check....................................................... Money order............................................. Traveler's check........................................ 1.3 1.4 1.4 0.6 na 1.2 1.2 1.2 0.4 na 1.4 1.4 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 0.4 na 1.4 1.5 1.3 0.6 na 1.4 1.3 1.2 0.4 na 1.5 1.5 1.3 0.6 na Payment cards........................................... Debit......................................................... Credit or charge........................................ Prepaid..................................................... 1.4 1.5 1.5 0.9 1.2 1.4 1.4 0.7 1.4 1.5 1.5 0.9 1.5 1.5 1.5 0.8 1.3 1.4 1.3 0.6 1.5 1.5 1.5 0.7 1.0 1.0 0.6 na 0.9 0.7 0.7 na 1.0 0.8 0.8 na Electronic payments.................................. Online banking bill payment.................... Bank account number payment................ na na na na na na na na na na na na na na na na na na 1.1 0.8 1.0 1.0 0.7 0.9 1.1 0.9 1.0 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 Notes: 1–4. Survey of Consumer Payment Choice Version of May 2016 T-32 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 28a Number of Consumer Payments in a Typical Month, by Type of Asset or Liability Number per consumer Mean 2012 2013 Growth rate (%) 2014 12-13 13-14 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.......................................................................... 1.6 1.3 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 1.6 1.4 1.4 0.7 na 1.0 0.2 na 0.9 0.2 0.2 na na — — — — — — — — — — — — — — — — — — — — — — — — — — Private currency............................................................................ Bitcoin.......................................................................................... Other kinds of virtual currency..................................................... na na na na na na na na na — — — — — — Unknown asset type†..................................................................... Money order................................................................................. Prepaid card.................................................................................. Prepaid card, per adopter‡............................................................ 0.2 0.1 0.1 0.2 0.1 0.0 0.1 0.2 0.2 0.0 0.1 0.3 — — — — — — — — Liabilities........................................................................................... Credit or charge card....................................................................... Credit............................................................................................ Charge.......................................................................................... Text/SMS mobile payment.............................................................. 0.7 0.7 na na na 0.7 0.7 na na na 0.7 0.7 na na na — — — — — — — — — — Other means of payment.................................................................. Direct deduction from income......................................................... 0.1 0.1 0.1 0.1 0.1 0.1 — — — — * For official definition of M1, see Federal Reserve Statistical Release H.6. † These types are "unknown" because it is unknown if the underlying funds are held in a deposit account or not. ‡ Estimates are calculated using only adopters of a payment instrument, not all consumers. Notes: 1–4. Survey of Consumer Payment Choice Version of May 2016 T-33 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 28b Percentage Share of Consumer Payments in a Typical Month, by Type of Asset or Liability Percentage per consumer Share (%) 2012 2013 Change 2014 12-13 13-14 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.......................................................................... — 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 — — — — — — — — — — — — — — — — — — — — — — — — — — Private currency............................................................................ Bitcoin.......................................................................................... Other kinds of virtual currency..................................................... na na na na na na na na na — — — — — — Unknown asset type†..................................................................... Money order................................................................................. Prepaid card.................................................................................. Prepaid card, per adopter‡............................................................ na na na na na na na na na na na na — — — — — — — — Liabilities........................................................................................... Credit or charge card....................................................................... Credit............................................................................................ Charge.......................................................................................... Text/SMS mobile payment.............................................................. na na na na na na na na na na na na na na na — — — — — — — — — — Other means of payment.................................................................. Direct deduction from income......................................................... na na na na na na — — — — * For official definition of M1, see Federal Reserve Statistical Release H.6. † These types are "unknown" because it is unknown if the underlying funds are held in a deposit account or not. ‡ Estimates are calculated using only adopters of a payment instrument, not all consumers. Notes: 1–4. Survey of Consumer Payment Choice Version of May 2016 T-34 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 29 Consumer Payments in a Typical Month, by Payment Instrument Mean Number per consumer 2012 2013 Growth rate (%) 2014 12-13 13-14 Total payments................................................................................. 1.6 1.6 1.6 — — Paper instruments............................................................................ Cash................................................................................................. Check............................................................................................... Money order.................................................................................... Traveler's check............................................................................... 0.8 0.7 0.3 0.1 na 0.8 0.7 0.3 0.0 na 0.8 0.7 0.2 0.0 na — — — — — — — — — — Payment cards................................................................................... Debit................................................................................................ Credit or charge............................................................................... Prepaid............................................................................................ Prepaid, per adopter*....................................................................... 1.1 0.8 0.7 0.1 0.2 1.1 0.8 0.7 0.1 0.2 1.1 0.9 0.7 0.1 0.3 — — — — — — — — — — Electronic payments......................................................................... Online banking bill payment............................................................ Bank account number payment........................................................ 0.3 0.2 0.1 0.2 0.2 0.1 0.3 0.2 0.2 — — — — — — Other means of payment.................................................................. Direct deduction from income......................................................... 0.1 0.1 0.1 0.1 0.1 0.1 — — — — Share (%) Percentage share 2012 2013 Change 2014 12-13 13-14 Total payments................................................................................. — — — — — 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............................................................................... 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. Survey of Consumer Payment Choice Version of May 2016 T-35 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 30 Consumer Payments in a Typical Month, by Type of Payment Transaction Growth rate (%) Mean Number per consumer 2012 2013 2014 12-13 13-14 Total................................................................................................. Online or electronic ...................................................................... By mail, in person, or by phone..................................................... 1.6 0.6 1.3 1.6 0.6 1.2 1.6 0.7 1.3 — — — — — — 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 0.3 0.4 0.7 0.3 0.1 0.3 0.3 0.3 0.7 0.4 0.1 0.4 0.3 0.4 — — — — — — — — — — — — 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............................................... 1.2 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 1.2 1.1 0.2 1.1 0.7 0.5 0.3 0.1 0.2 — — — — — — — — — — — — — — — — — — Share (%) Percentage share Change 2012 2013 2014 12-13 13-14 Total................................................................................................. Online or electronic ...................................................................... By mail, in person, or by phone..................................................... 100.0 na na 100.0 na na 100.0 na na — — — — — — Bill payments................................................................................ Automatic................................................................................... Direct deduction from income................................................. Other automatic....................................................................... Online......................................................................................... By mail, in person, or by phone.................................................. na na na na na na na na na na na na na na na na na na — — — — — — — — — — — — 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............................................... 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 — — — — — — — — — — — — — — — — — — Notes: 1–4. Survey of Consumer Payment Choice Version of May 2016 T-36 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error 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* 2012 2013 2014 2012 2013 2014 2012 2013 2014 Paper instruments..................................... Cash.......................................................... Check....................................................... Money order............................................. Traveler's check........................................ 0.2 0.2 0.1 0.1 na 0.2 0.2 0.1 0.0 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 0.1 na 0.7 0.6 0.2 0.0 na 0.6 0.6 0.1 0.0 na Payment cards........................................... Debit......................................................... Credit or charge........................................ Prepaid..................................................... 0.4 0.3 0.2 0.0 0.5 0.4 0.2 0.0 0.5 0.4 0.3 0.1 0.2 0.1 0.2 0.0 0.2 0.1 0.1 0.0 0.1 0.1 0.1 0.0 0.7 0.6 0.5 0.1 0.8 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 0.0 na 0.0 0.0 na 0.0 0.0 na 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 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 2012 2013 2014 2012 2013 2014 2012 2013 2014 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 na na na na na na na na na na na na na na na Payment cards........................................... Debit......................................................... Credit or charge........................................ Prepaid..................................................... 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 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 na na na na na na na na na Other methods of payment....................... Direct deduction from income.................. na na na na na na 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 May 2016 T-37 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error 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 2012 2013 2014 2012 2013 2014 2012 2013 2014 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 0.2 0.2 0.1 0.1 na 0.2 0.2 0.1 0.0 na 0.2 0.2 0.1 0.0 na Payment cards.......................................................... Debit....................................................................... Credit or charge...................................................... Prepaid.................................................................... 0.2 0.1 0.1 na 0.3 0.2 0.1 na 0.3 0.2 0.2 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 0.1 0.1 0.1 Electronic payments................................................ Online banking bill payment................................... Bank account number payment............................... 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 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 2012 2013 2014 2012 2013 2014 2012 2013 2014 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 na na na na na na na na na na na na na na na Payment cards.......................................................... Debit....................................................................... Credit or charge...................................................... Prepaid.................................................................... 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 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 na na na na na na na na na 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 May 2016 T-38 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 33 Use of Payment Instruments in a Typical Month, by Type of Nonbill, In-Person Transactions Number per consumer Retail Services and other Person to person 2012 2013 2014 2012 2013 2014 2012 2013 2014 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 0.2 0.1 0.0 na 0.3 0.3 0.1 0.0 na 0.1 0.1 0.0 0.0 na 0.1 0.1 0.0 0.0 na 0.2 0.1 0.0 0.0 na Payment cards.......................................................... Debit........................................................................ Credit or charge....................................................... Prepaid.................................................................... 0.5 0.4 0.3 0.1 0.5 0.4 0.3 0.0 0.5 0.4 0.3 0.0 0.3 0.2 0.2 0.0 0.3 0.2 0.2 0.0 0.3 0.3 0.2 0.1 0.1 0.1 0.0 na 0.0 0.0 0.0 na 0.1 0.1 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 0.1 0.1 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 Percentage share Retail Services and other Person to person 2012 2013 2014 2012 2013 2014 2012 2013 2014 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 na na na na na na na na na na na na na na na Payment cards.......................................................... Debit........................................................................ Credit or charge....................................................... Prepaid.................................................................... 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 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 na na na na na na na na na 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 May 2016 T-39 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 34 Payment Instruments Used in a Typical Period, by Type of Instrument and Transaction Mean number per consumer Month 2012 2013 2014 All payments (9 instruments available)................................................................... Paper instruments.................................................................................................... Payment cards.......................................................................................................... Electronic payments................................................................................................ 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 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 2012 2013 2014 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................................................................................................ 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 Online payments (6 instruments available)‡ ......................................................... Paper instruments.................................................................................................... Payment cards.......................................................................................................... Electronic payments................................................................................................ 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 In-person payments (8 instruments available)**................................................... Paper instruments.................................................................................................... Payment cards.......................................................................................................... Electronic payments................................................................................................ 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 May 2016 T-40 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 35 Loss, Theft, or Fraudulent Use of Payment Instrument Percentage of consumers or adopters and mean dollar value Percentage of consumers 2012 2013 2014 Incidence in past 12 months ......................................................................................... Cash.............................................................................................................................. Checks.......................................................................................................................... Credit card.................................................................................................................... Debit card..................................................................................................................... 1.2 1.0 0.3 0.6 0.8 0.9 0.7 0.4 0.6 0.6 1.0 0.8 0.2 0.6 0.5 Incidence of identity theft............................................................................................. Myself and someone I know well................................................................................. Someone I know well only............................................................................................ Myself only................................................................................................................... na na na na 1.1 0.5 0.9 0.6 1.5 0.9 1.2 0.7 Percentage of adopters 2012 2013 2014 Incidence in past 12 months ......................................................................................... Cash.............................................................................................................................. Checks.......................................................................................................................... Credit card.................................................................................................................... Debit card..................................................................................................................... 1.2 1.0 0.4 0.9 1.0 0.9 0.7 0.5 0.8 0.8 1.0 0.8 0.3 0.8 0.6 Mean dollar value* 2012 2013 2014 Amount lost or stolen Cash.............................................................................................................................. 137 93 38 Amount of fraudulent charges† Checks.......................................................................................................................... Credit card.................................................................................................................... Debit card..................................................................................................................... s 173 62 s 197 26 s 193 91 * 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, 14. Survey of Consumer Payment Choice Version of May 2016 T-41 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 36 Importance Rankings of Characteristics of Payment Instruments Percentage of consumers Most important 2012 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 1.2 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 2nd most 3rd most 4th most 5th most 6th most 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 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.................................................................. Most important 2014† Acceptance for payment................................................... Acquisition and setup........................................................ Convenience..................................................................... Cost................................................................................... Payment records................................................................ Security............................................................................. na na na na na na Least important na na na na na na * In 2013, questionnaire item AS012 was changed from a question about ranking to a question asking the respondent to choose the most important characteristic. † This question was not asked in the 2014 SCPC. Notes: 1, 4. Survey of Consumer Payment Choice Version of May 2016 T-42 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37a Assessments of Payment Instruments: Acceptance for Payment Percentage of consumers Cash 2012............................................. 2013............................................. 2014............................................. Check 2012............................................. 2013............................................. 2014............................................. Money order 2012............................................. 2013............................................. 2014............................................. Debit card 2012............................................. 2013............................................. 2014............................................. Credit card 2012............................................. 2013............................................. 2014............................................. Prepaid card 2012............................................. 2013............................................. 2014............................................. Bank account number payment 2012............................................. 2013............................................. 2014............................................. Online banking bill payment 2012............................................. 2013............................................. 2014............................................. Rarely accepted Occasionally accepted Often accepted Usually accepted Almost always accepted 0.4 0.4 0.5 0.4 0.4 0.5 0.8 0.8 0.9 1.0 0.8 1.1 1.3 1.2 1.4 0.6 0.7 0.6 1.1 1.0 1.2 1.3 1.2 1.4 1.4 1.3 1.4 1.2 1.0 1.1 1.0 1.0 0.9 1.2 1.0 1.3 1.3 1.2 1.3 1.2 1.2 1.3 1.2 1.1 1.3 0.4 0.4 0.2 0.3 0.4 0.3 1.0 0.9 0.9 1.3 1.2 1.4 1.5 1.3 1.5 0.4 0.4 0.5 0.3 0.3 0.3 1.0 0.7 0.8 1.3 1.2 1.4 1.5 1.3 1.5 0.8 0.5 0.6 0.7 0.7 0.9 1.2 1.1 1.3 1.4 1.2 1.4 1.5 1.3 1.5 1.4 1.2 1.2 1.3 1.1 1.2 1.0 1.1 1.3 1.1 1.0 1.2 1.1 0.9 1.2 0.9 0.8 0.7 1.0 0.9 1.0 1.2 1.1 1.3 1.4 1.2 1.4 1.3 1.2 1.4 Notes: 1, 4. Survey of Consumer Payment Choice Version of May 2016 T-43 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37b Assessments of Payment Instruments: Acquisition and Setup Percentage of consumers Very hard to get or set up Cash 2012............................................. 2013............................................. 2014............................................. Check 2012............................................. 2013............................................. 2014............................................. Money order 2012............................................. 2013............................................. 2014............................................. Debit card 2012............................................. 2013............................................. 2014............................................. Credit card 2012............................................. 2013............................................. 2014............................................. Prepaid card 2012............................................. 2013............................................. 2014............................................. Bank account number payment 2012............................................. 2013............................................. 2014............................................. Online banking bill payment 2012............................................. 2013............................................. 2014............................................. Hard to get or set up Neither hard nor easy Easy to get or set up Very easy to get or set up 0.4 0.4 0.4 0.5 0.6 0.5 1.2 1.1 1.2 1.1 1.1 1.1 1.5 1.4 1.5 0.5 0.5 0.3 0.9 0.7 0.8 1.3 1.2 1.4 1.4 1.3 1.4 1.3 1.1 1.4 0.8 0.8 0.9 1.2 1.1 1.2 1.4 1.2 1.4 1.3 1.2 1.3 1.2 1.0 1.2 0.3 0.4 0.3 0.7 0.6 0.7 1.2 1.1 1.2 1.4 1.3 1.5 1.5 1.3 1.5 0.6 0.6 0.7 0.9 0.8 0.8 1.3 1.1 1.3 1.4 1.3 1.5 1.4 1.2 1.4 0.6 0.6 0.6 1.0 0.9 0.9 1.4 1.3 1.5 1.3 1.3 1.4 1.3 1.1 1.3 0.6 0.6 0.6 1.0 0.9 1.0 1.4 1.3 1.4 1.4 1.2 1.4 1.2 1.1 1.3 0.5 0.5 0.5 1.0 0.9 1.0 1.3 1.2 1.3 1.4 1.3 1.5 1.3 1.1 1.3 Notes: 1, 4. Survey of Consumer Payment Choice Version of May 2016 T-44 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37c Assessments of Payment Instruments: Convenience Percentage of consumers Cash 2012............................................. 2013............................................. 2014............................................. Check 2012............................................. 2013............................................. 2014............................................. Money order 2012............................................. 2013............................................. 2014............................................. Debit card 2012............................................. 2013............................................. 2014............................................. Credit card 2012............................................. 2013............................................. 2014............................................. Prepaid card 2012............................................. 2013............................................. 2014............................................. Bank account number payment 2012............................................. 2013............................................. 2014............................................. Online banking bill payment 2012............................................. 2013............................................. 2014............................................. Very Inconvenient Inconvenient Neither inconvenient nor convenient Convenient Very Convenient 0.6 0.5 0.4 0.8 0.8 0.9 1.0 0.9 1.1 1.3 1.2 1.3 1.5 1.4 1.5 0.9 0.7 0.8 1.2 1.1 1.3 1.4 1.2 1.2 1.4 1.3 1.4 1.0 1.0 1.3 1.3 1.2 1.3 1.4 1.2 1.4 1.3 1.1 1.2 1.1 1.0 1.1 0.7 0.7 1.2 0.4 0.5 0.4 0.5 0.5 0.4 0.9 0.8 0.9 1.4 1.2 1.4 1.5 1.4 1.5 0.5 0.6 0.4 0.6 0.5 0.4 0.9 0.8 1.0 1.4 1.2 1.4 1.5 1.3 1.5 0.9 0.8 0.7 0.9 1.0 1.1 1.4 1.2 1.4 1.3 1.2 1.3 1.3 1.1 1.3 1.0 0.9 0.9 1.2 1.0 1.1 1.4 1.2 1.4 1.3 1.2 1.3 0.9 1.0 1.3 0.6 0.7 0.6 0.6 0.7 0.8 1.2 1.1 1.2 1.3 1.3 1.4 1.5 1.3 1.5 Notes: 1, 4. Survey of Consumer Payment Choice Version of May 2016 T-45 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37d Assessments of Payment Instruments: Cost Percentage of consumers Cash 2012............................................. 2013............................................. 2014............................................. Check 2012............................................. 2013............................................. 2014............................................. Money order 2012............................................. 2013............................................. 2014............................................. Debit card 2012............................................. 2013............................................. 2014............................................. Credit card 2012............................................. 2013............................................. 2014............................................. Prepaid card 2012............................................. 2013............................................. 2014............................................. Bank account number payment 2012............................................. 2013............................................. 2014............................................. Online banking bill payment 2012............................................. 2013............................................. 2014............................................. Very high cost High cost Neither high nor low cost Low cost Very low cost 0.4 0.4 0.6 0.3 0.3 0.4 1.3 1.1 1.2 0.9 0.8 1.0 1.5 1.3 1.5 0.5 0.3 0.4 0.8 0.7 0.8 1.4 1.1 1.4 1.4 1.3 1.5 1.4 1.2 1.4 0.7 0.6 0.7 1.1 1.1 1.2 1.5 1.2 1.4 1.4 1.3 1.4 1.0 0.9 1.0 0.3 0.3 0.7 0.7 0.6 0.7 1.3 1.1 1.3 1.3 1.2 1.3 1.5 1.3 1.5 1.2 1.1 1.0 1.3 1.2 1.4 1.3 1.0 1.3 1.1 1.1 1.1 1.1 1.1 1.3 0.7 0.6 0.5 1.1 1.0 1.1 1.4 1.3 1.5 1.3 1.2 1.3 1.2 1.0 1.2 0.7 0.4 0.6 0.6 0.6 0.7 1.4 1.3 1.4 1.3 1.2 1.3 1.4 1.3 1.5 0.6 0.4 0.6 0.6 0.6 0.6 1.3 1.2 1.3 1.2 1.2 1.3 1.5 1.3 1.5 Notes: 1, 4. Survey of Consumer Payment Choice Version of May 2016 T-46 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37e Assessments of Payment Instruments: Payment Records Percentage of consumers Cash 2012............................................. 2013............................................. 2014............................................. Check 2012............................................. 2013............................................. 2014............................................. Money order 2012............................................. 2013............................................. 2014............................................. Debit card 2012............................................. 2013............................................. 2014............................................. Credit card 2012............................................. 2013............................................. 2014............................................. Prepaid card 2012............................................. 2013............................................. 2014............................................. Bank account number payment 2012............................................. 2013............................................. 2014............................................. Online banking bill payment 2012............................................. 2013............................................. 2014............................................. Very poor records Poor records Neither good nor poor Good records Very good records 1.4 1.3 1.5 1.2 1.1 1.2 1.2 1.1 1.2 1.1 0.9 1.1 0.9 0.8 1.1 0.5 0.4 0.3 0.6 0.5 0.5 1.1 0.9 1.2 1.5 1.3 1.5 1.4 1.3 1.5 1.0 0.9 0.9 1.1 1.0 1.2 1.4 1.3 1.4 1.3 1.1 1.3 1.1 0.9 1.0 0.4 0.5 0.4 0.6 0.5 0.6 1.0 0.9 0.9 1.5 1.3 1.5 1.5 1.3 1.5 0.4 0.4 0.4 0.6 0.4 0.3 1.1 0.8 1.1 1.4 1.3 1.5 1.5 1.4 1.5 1.1 1.0 1.2 1.3 1.1 1.2 1.4 1.3 1.4 1.1 1.1 1.2 0.9 0.8 1.0 0.6 0.6 0.6 0.7 0.6 0.4 1.2 1.0 1.2 1.4 1.3 1.5 1.5 1.3 1.5 0.5 0.5 0.3 0.6 0.4 0.5 1.2 1.0 1.1 1.4 1.3 1.5 1.5 1.3 1.5 Notes: 1, 4. Survey of Consumer Payment Choice Version of May 2016 T-47 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37f Assessments of Payment Instruments: Security (overall) Percentage of consumers Cash 2012............................................. 2013............................................. 2014............................................. Check 2012............................................. 2013............................................. 2014............................................. Money order 2012............................................. 2013............................................. 2014............................................. Debit card 2012............................................. 2013............................................. 2014............................................. Credit card 2012............................................. 2013............................................. 2014............................................. Prepaid card 2012............................................. 2013............................................. 2014............................................. Bank account number payment 2012............................................. 2013............................................. 2014............................................. Online banking bill payment 2012............................................. 2013............................................. 2014............................................. Very risky Risky Neither risky nor secure Secure Very secure 1.4 1.3 1.3 1.0 0.9 1.2 1.2 0.9 1.1 1.0 1.0 1.1 1.4 1.2 1.4 0.8 0.9 0.6 1.3 1.1 1.4 1.3 1.2 1.3 1.4 1.3 1.5 0.9 0.8 0.9 1.1 1.0 0.9 1.1 1.0 1.2 1.3 1.2 1.3 1.3 1.2 1.4 1.2 1.0 1.2 0.8 0.8 0.9 1.2 1.1 1.4 1.1 1.1 1.1 1.5 1.3 1.4 1.1 0.9 1.1 0.9 0.9 0.9 1.2 1.1 1.3 1.1 1.0 1.1 1.4 1.3 1.4 1.1 1.0 1.1 1.1 1.1 1.1 1.2 1.1 1.3 1.4 1.2 1.3 1.2 1.1 1.3 1.1 0.8 1.0 1.2 1.1 1.1 1.3 1.2 1.4 1.2 1.0 1.2 1.3 1.1 1.3 0.9 0.8 0.9 0.8 0.9 0.9 1.2 1.1 1.3 1.2 1.1 1.2 1.4 1.2 1.5 1.2 1.0 1.1 Notes: 1, 4. Survey of Consumer Payment Choice Version of May 2016 T-48 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37g Assessments of Payment Instruments: Security of Personally Identifiable Information Percentage of consumers Neither risky Very risky Risky nor secure Cash 2012............................................. 2013............................................. 2014............................................. Check 2012............................................. 2013............................................. 2014............................................. Money order 2012............................................. 2013............................................. 2014............................................. Debit card 2012............................................. 2013............................................. 2014............................................. Credit card 2012............................................. 2013............................................. 2014............................................. Prepaid card 2012............................................. 2013............................................. 2014............................................. Bank account number payment 2012............................................. 2013............................................. 2014............................................. Online banking bill payment 2012............................................. 2013............................................. 2014............................................. Secure Very secure 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 na Notes: 4. Survey of Consumer Payment Choice Version of May 2016 T-49 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37h Assessments of Payment Instruments: Security of Financial Wealth Percentage of consumers Cash 2012............................................. 2013............................................. 2014............................................. Check 2012............................................. 2013............................................. 2014............................................. Money order 2012............................................. 2013............................................. 2014............................................. Debit card 2012............................................. 2013............................................. 2014............................................. Credit card 2012............................................. 2013............................................. 2014............................................. Prepaid card 2012............................................. 2013............................................. 2014............................................. Bank account number payment 2012............................................. 2013............................................. 2014............................................. Online banking bill payment 2012............................................. 2013............................................. 2014............................................. Very risky Risky Neither risky nor secure Secure Very secure 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 na Notes: 4. Survey of Consumer Payment Choice Version of May 2016 T-50 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37i Assessments of Payment Instruments: Security of Payment Transaction Confidentiality Percentage of consumers Neither risky Very risky Risky Secure nor secure Cash 2012............................................. 2013............................................. 2014............................................. Check 2012............................................. 2013............................................. 2014............................................. Money order 2012............................................. 2013............................................. 2014............................................. Debit card 2012............................................. 2013............................................. 2014............................................. Credit card 2012............................................. 2013............................................. 2014............................................. Prepaid card 2012............................................. 2013............................................. 2014............................................. Bank account number payment 2012............................................. 2013............................................. 2014............................................. Online banking bill payment 2012............................................. 2013............................................. 2014............................................. Very secure 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 na Notes: 4. Survey of Consumer Payment Choice Version of May 2016 T-51 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37j Assessments of Payment Instruments: Speed at Time of Payment Percentage of consumers Cash 2012............................................. 2013............................................. 2014............................................. Check 2012............................................. 2013............................................. 2014............................................. Money order 2012............................................. 2013............................................. 2014............................................. Debit card 2012............................................. 2013............................................. 2014............................................. Credit card 2012............................................. 2013............................................. 2014............................................. Prepaid card 2012............................................. 2013............................................. 2014............................................. Bank account number payment 2012............................................. 2013............................................. 2014............................................. Online banking bill payment 2012............................................. 2013............................................. 2014............................................. Very slow Slow Neither slow nor fast Fast Very Fast 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 na Notes: 4. Survey of Consumer Payment Choice Version of May 2016 T-52 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37k Assessments of Payment Instruments: Speed of Payment Deduction Percentage of consumers Cash 2012............................................. 2013............................................. 2014............................................. Check 2012............................................. 2013............................................. 2014............................................. Money order 2012............................................. 2013............................................. 2014............................................. Debit card 2012............................................. 2013............................................. 2014............................................. Credit card 2012............................................. 2013............................................. 2014............................................. Prepaid card 2012............................................. 2013............................................. 2014............................................. Bank account number payment 2012............................................. 2013............................................. 2014............................................. Online banking bill payment 2012............................................. 2013............................................. 2014............................................. Very slow Slow Neither slow nor fast Fast Very Fast 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 na Notes: 4. Survey of Consumer Payment Choice Version of May 2016 T-53 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37l Assessments of Payment Instruments: Speed of Recipient Receiving Payment Percentage of consumers Neither slow Very slow Slow nor fast Cash 2012............................................. 2013............................................. 2014............................................. Check 2012............................................. 2013............................................. 2014............................................. Money order 2012............................................. 2013............................................. 2014............................................. Debit card 2012............................................. 2013............................................. 2014............................................. Credit card 2012............................................. 2013............................................. 2014............................................. Prepaid card 2012............................................. 2013............................................. 2014............................................. Bank account number payment 2012............................................. 2013............................................. 2014............................................. Online banking bill payment 2012............................................. 2013............................................. 2014............................................. Fast Very Fast 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 na Notes: 4. Survey of Consumer Payment Choice Version of May 2016 T-54 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37m Assessments of Payment Instruments: Speed of Notification of Balances Percentage of consumers Neither slow Very slow Slow nor fast Cash 2012............................................. 2013............................................. 2014............................................. Check 2012............................................. 2013............................................. 2014............................................. Money order 2012............................................. 2013............................................. 2014............................................. Debit card 2012............................................. 2013............................................. 2014............................................. Credit card 2012............................................. 2013............................................. 2014............................................. Prepaid card 2012............................................. 2013............................................. 2014............................................. Bank account number payment 2012............................................. 2013............................................. 2014............................................. Online banking bill payment 2012............................................. 2013............................................. 2014............................................. Fast Very Fast 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 na Notes: 4. Survey of Consumer Payment Choice Version of May 2016 T-55 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37n Assessments of Payment Locations: Security Percentage of consumers Survey year Neither risky nor secure Very secure Very risky Risky In person 2012......... 2013......... 2014......... 0.2 0.2 na 0.4 0.5 na 1.0 1.0 na 1.3 1.4 na 1.5 1.4 na By mail or other delivery service 2012......... 2013......... 2014......... 0.5 0.6 na 1.2 1.3 na 1.4 1.4 na 1.4 1.3 na 0.9 0.5 na Landline phone 2012......... 2013......... 2014......... 0.6 na na 1.1 na na 1.4 na na 1.4 na na 1.1 na na Laptop or desktop computer (internet) 2012......... 2013......... 2014......... 0.7 na na 1.2 na na 1.3 na na 1.5 na na 0.9 na na Web browser on a laptop or desktop computer, tablet, or mobile phone 2012......... 2013......... 2014......... na 0.9 na na 1.4 na na 1.2 na na 1.2 na na 0.5 na Laptop or desktop computer (voice call using service like Skype) 2012......... 2013......... 2014......... 0.9 na na 1.4 na na 1.4 na na 1.1 na na 0.7 na na Mobile phone (voice call) 2012......... 2013......... 2014......... 0.9 na na 1.4 na na 1.4 na na 1.3 na na 0.7 na na Mobile phone (internet) 2012......... 2013......... 2014......... 0.8 na na 1.4 na na 1.4 na na 1.3 na na 0.7 na na Mobile phone (text message) 2012......... 2013......... 2014......... 1.2 0.7 na 1.4 1.4 na 1.4 1.2 na 1.0 1.4 na 0.6 0.6 na Mobile phone (app) 2012......... 2013......... 2014......... na 1.0 na na 1.4 na na 1.3 na na 1.0 na na 0.4 na Tablet (internet) 2012......... 2013......... 2014......... 0.8 na na 1.3 na na 1.4 na na 1.3 na na 0.8 na na Tablet (voice call using service like Skype) 2012......... 2013......... 2014......... 1.1 na na 1.4 na na 1.5 na na 1.1 na na 0.5 na na Voice call (landline phone, mobile phone, or internet service like Skype) 2012......... 2013......... 2014......... na 0.7 na na 1.3 na na 1.3 na na 1.3 na na 0.6 na Secure Notes: 1, 2, 4. Survey of Consumer Payment Choice Version of May 2016 T-56 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 37o Risk of Overdrafting a Bank Account Percentage of consumers (5) Extremely likely (4) (3) (2) (1) Not at all likely Check 2012................................................ 2013................................................ 2014................................................ 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 na Debit card 2012................................................ 2013................................................ 2014................................................ Bank account number payment 2012................................................ 2013................................................ 2014................................................ Online banking bill payment 2012................................................ 2013................................................ 2014................................................ Table 37p Assessment of Debit Authorization Mode Percentage of consumers Security Very risky Risky Neither risky nor secure Secure Very secure PIN debit card 2012................................................ 2013................................................ 2014................................................ 0.7 0.7 0.7 1.1 1.0 1.1 1.1 1.1 1.2 1.5 1.4 1.5 1.3 1.0 1.3 0.6 0.6 0.7 1.2 1.3 1.2 1.4 1.3 1.4 1.4 1.4 1.4 1.2 0.8 1.1 1.4 1.4 1.5 1.4 1.3 1.4 1.2 1.0 1.2 0.7 0.7 0.8 0.6 0.5 0.6 1.1 1.1 1.3 1.5 1.4 1.5 1.3 1.2 1.3 1.1 1.1 1.2 0.6 0.4 0.6 2012 1.7 1.5 1.4 na 2013 1.5 1.3 1.3 na 2014 1.7 1.3 1.4 0.6 Signature debit card 2012................................................ 2013................................................ 2014................................................ No PIN and no signature debit card 2012................................................ 2013................................................ 2014................................................ Using a debit card online 2012................................................ 2013................................................ 2014................................................ 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 May 2016 T-57 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 38 Demographics: Gender, Age, Race, Ethnicity, and Education Percentage of consumers, except where noted* 2012 2013 2014 U.S. Population age 18 + older (millions)† Number of survey respondents — — — — — — Gender Male...................................................................................................................... Female.................................................................................................................. 1.5 1.5 1.3 1.3 1.5 1.5 Age 18–24.................................................................................................................... 25–34.................................................................................................................... 35–44.................................................................................................................... 45–54.................................................................................................................... 55–64.................................................................................................................... 65 and older.......................................................................................................... 1.0 1.5 1.1 1.1 0.9 1.0 0.8 1.2 1.0 1.0 0.9 1.1 0.8 1.5 1.0 1.2 1.0 1.2 Race White.................................................................................................................... Black..................................................................................................................... Asian..................................................................................................................... Other..................................................................................................................... 1.6 1.3 0.5 1.1 1.2 0.9 0.4 0.8 1.4 1.0 0.4 1.1 Ethnicity Hispanic or Latino................................................................................................ 1.3 1.1 1.3 Education No high school diploma........................................................................................ High school........................................................................................................... Some college........................................................................................................ College.................................................................................................................. Post-graduate study............................................................................................... 1.0 1.6 1.2 0.8 0.7 0.9 1.4 1.1 0.8 0.7 1.0 1.7 1.2 0.9 0.7 * Estimates are weighted. The table of unweighted sample demographics is available upon request. † Source: Haver Analytics. October estimate, Civilian Noninstitutional Population by Sex and Age Notes: 1, 4. Survey of Consumer Payment Choice Version of May 2016 T-58 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 39 Income and Labor Force Status Percentage of consumers* 2012 2013 2014 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 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 1.4 1.3 1.2 0.9 0.9 1.0 0.9 0.4 Respondent income Highest in household............................................................................................... About equal with highest......................................................................................... 2nd highest.............................................................................................................. 3rd highest or lower................................................................................................ 1.5 1.2 1.3 0.9 1.4 1.0 1.2 0.9 1.5 1.1 1.4 1.0 Labor force status Working now........................................................................................................... Unemployed and looking for work†........................................................................ Temporarily laid off, on sick or other leave............................................................ Disabled.................................................................................................................. Retired..................................................................................................................... Homemaker............................................................................................................. Other....................................................................................................................... 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 1.5 0.8 0.2 0.9 1.1 1.0 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 RAND American Life Panel 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 May 2016 T-59 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 40 Consumers' Financial Responsibility in the Household Percentage of consumers Shared equally None Some Most All Bill payment 2012..................................................................... 2013..................................................................... 2014..................................................................... 1.1 1.1 1.1 0.9 0.9 1.0 1.2 1.0 1.2 0.8 0.8 0.8 1.5 1.4 1.5 Shopping 2012..................................................................... 2013..................................................................... 2014..................................................................... 0.9 0.8 1.0 1.2 1.1 1.1 1.3 1.1 1.3 1.0 1.0 1.0 1.4 1.4 1.5 Saving and investing 2012..................................................................... 2013..................................................................... 2014..................................................................... 1.0 1.0 0.9 1.0 0.8 0.9 1.3 1.3 1.5 1.1 1.1 1.0 1.4 1.3 1.4 Other 2012..................................................................... 2013..................................................................... 2014..................................................................... 0.9 0.9 1.0 1.1 0.8 0.8 1.3 1.3 1.5 1.1 1.0 1.0 1.4 1.4 1.5 Notes: 1, 2, 4. Survey of Consumer Payment Choice Version of May 2016 T-60 ©2008-2016 Federal Reserve Bank of Boston 2014 Survey of Consumer Payment Choice - Standard Error tables Table 41 Selected Assets and Liabilities Percentage of consumers, except as noted 2012 2013 2014 Home ownership rate ................................................................................................. 1.5 1.3 1.5 Credit card debt Carried unpaid balance at any time during the past 12 months .............................. Carried unpaid balance last month ...................................................................... 1.4 1.4 1.3 1.3 1.5 1.5 Mean credit card balance unpaid, previous month (dollars) Per credit card adopter........................................................................................ Per adopter with unpaid balance......................................................................... 281 477 327 520 253 404 Median credit card balance unpaid, previous month (dollars) Per credit card adopter........................................................................................ Per adopter with unpaid balance......................................................................... 71 344 50 295 85 314 Change in unpaid balance since a year ago Much lower.......................................................................................................... Lower................................................................................................................... About the same..................................................................................................... Higher................................................................................................................... Much higher......................................................................................................... 1.5 1.9 2.1 1.9 1.5 1.5 1.9 2.0 1.6 1.0 1.5 2.0 2.1 1.7 1.1 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.......................................................................................................... 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 na na na na na na na na na na Notes: 1, 2, 4, 5. Survey of Consumer Payment Choice Version of May 2016 T-61 ©2008-2016 Federal Reserve Bank of Boston