Consumer Payment Choice for Bill Payments Consumer Payment Choice for Bill Payments

By Claire Greene and Joanna Stavins

Using data from the 2017 Diary of Consumer Payment Choice (DCPC), a representative survey of US adults conducted by the Federal Reserve Banks, the authors examine the factors affecting consumers’ choices of payment instruments for bill payments. The DCPC data include details about each transaction that the participating consumers make as well as income and demographic information about those consumers. In addition, the data include information on consumers’ preferred payment instruments, allowing the authors to observe when consumers act according to their stated preferences and when they deviate from them. The analysis also uses banking status data obtained from the Survey of Consumer Payment Choice, which collects information from the same set of respondents as the DCPC.

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