A Thing
The Green SheetGreen Sheet

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).
end of article

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

Prev Next
A Thing