The Green Sheet Online Edition
September 24, 2012 • Issue 12:09:02
Consumer payment habits
Some of the following statistics on current consumer payment habits are well known. All merit attention, given the effect of evolving payment options on merchant acquiring.
- Typical U.S. consumers have nine payment instruments available to them, keep five of those in their wallets and use 3.8 payment instruments in a typical month, according to the Federal Reserve Bank of Boston.
- Just 59 percent of Americans had checking accounts in 2010, down from 96 percent in 2005, according to a survey by Hitachi Consulting and the Bank Administration Institute.
- Globally, 58 percent of consumer payments are made using cards, according to the World Payments Report 2010.
- The average consumer kept $291 in cash in his or her wallet or pocket in 2009 (Boston Fed).
- In 2010, 80 percent of U.S. consumers under age 35 had debit cards, compared with 64 percent of the over-65 crowd (Hitachi-BAI).
- Overall, 74 percent of U.S. consumers had debit cards in 2010 (Hitachi-BAI).
- A mere 11 percent of consumers had contactless payment devices in 2010 (Hitachi-BAI).
- The average consumer made 64.5 payments during a typical month in 2009 (Boston Fed).
- Americans spent $1.6 trillion with debit cards in 2010, according to the Federal Reserve Board.
- In 2010, 33 percent of consumers used reloadable prepaid debit cards (Hitachi-BAI).
- Spending with reloadable prepaid cards topped $80 billion in 2011 (FRB).
- The total dollars deposited to reloadable prepaid cards is growing at an annual rate of 42 percent, according to Mercator Advisory Group.
- Forty percent of U.S. households use prepaid cards, according to Synergistics Research Corp.
- Eighty-seven percent of U.S. residents had mobile phones in 2011 (FRB).
- More than one in three Americans have made payments using their mobile devices, according to IDC Financial Insights.
- As of year-end 2011, U.S. financial institutions had issued 1 million Visa Inc.-branded, chip-embedded Europay/MasterCard/Visa cards (Visa).
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