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Consumer Use of Multiple Payment Methods

Consumer Use of Multiple Payment Methods
Author: Oz Shy
Publisher:
Total Pages:
Release: 2019
Genre:
ISBN:
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The paper investigates the degree to which buyers choose to diversify their use of payment methods for in-person purchases. Some buyers use only one payment instrument. Others combine the use of mostly cash, credit, debit cards, and a few paper checks and prepaid cards. To each survey respondent, I apply three concentration measures over the use of payment instruments. Results show that the degree of consumers’ payment concentration exhibits almost no correlation with consumer demographics, payment volume, or aggregate value.

How and Why Do Consumers Choose Their Payment Methods?

How and Why Do Consumers Choose Their Payment Methods?
Author: Stacey L. Schreft
Publisher: DIANE Publishing
Total Pages: 21
Release: 2010-11
Genre: Business & Economics
ISBN: 1437934579
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The set of payment options has expanded over time. Today, consumers¿ wallets often hold currency, checks, multiple credit cards, debit cards, and perhaps even stored value cards. This report provides an overview of the literature on consumer payment behavior. It considers the state of our understanding of how and why consumers choose their payment methods and what is needed to make more headway in understanding consumer payment decisions. It closes by discussing the policy issues that require that we make progress with payments research.

Trends and Preferences in Consumer Payments

Trends and Preferences in Consumer Payments
Author: Susan Herbst-Murphy
Publisher:
Total Pages: 23
Release: 2015
Genre:
ISBN:
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Michael Marx, senior director, Visa Research Insights, conducted a workshop in 2009 at the Payment Cards Center (PCC) as the economy was emerging from a recession. At that time, it appeared that the recession had affected consumer payment preferences, especially those related to cash and credit cards. To get an update on consumers' use of the various payment methods, the PCC invited Marx to facilitate another workshop in 2014. More recent findings from the Visa Payment Panel Study reveal declines in cash use -- a return to the long-term trend -- and increases in credit card use, perhaps signaling some return of confidence among consumers. Check use continued its unbroken long-term decline, and debit card growth has slowed. Private label cards have also registered a steady decline in their share of spending volume for a number of years. Their revolving credit utility, however, remains consequential in financing consumer purchases.

Moving Money

Moving Money
Author: Robert E. Litan
Publisher: Rowman & Littlefield
Total Pages: 158
Release: 2009-12-01
Genre: Business & Economics
ISBN: 0815703783
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Once we paid for things with bills, coins, or checks. Today we pay with zeroes and ones—digital entries on credit and debit cards, or electronic messages sent over the Internet. In Moving Money, distinguished analysts explore this trend, its development and likely future, and the ramifications of this transformation. This is a book about money as a medium of exchange—in the past, in the present, but particularly in the future. What forms has money taken over the years? Moreover, how have those means of payment changed in recent years, and how will they develop in the future? And what (if anything) should policymakers do to facilitate those changes, or at least allow them to develop and mature? Brookings economists Robert E. Litan and Martin Neil Baily and a distinguished group of experts dissect these issues and peer into the future of consumer payments. The landscape of the consumer payments industry will be shaped at least in part by public policies. Historically, governments have had monopolies on the manufacture of money. Any form of payment clearly requires trust on the part of both the seller and the buyer, and the government must establish and enforce laws to secure this relationship. More controversial is the issue of whether, and to what extent, government is also needed to protect the market in private sector payments systems. Why do these issues matter? The payments industry is a large and important sector of developed economies. In the United States, private-sector payments providers generate approximately $280 billion a year in revenue, while the government invests substantial resources into making money (minting coins and printing bills) or moving it (via checks and various electronic transfers). And the way we pay for things influences our purchases—what we spend money on, how much we spend, and where we spend it. Thus the future of consumer payments is intertwined with the health of national economies. Contri

How Consumers Pay

How Consumers Pay
Author: Scott D. Schuh
Publisher:
Total Pages: 35
Release: 2015
Genre:
ISBN:
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Using data from a nationally representative survey on consumer payment behavior, we estimate Heckman two-stage regressions on the adoption and use of seven different payment instruments. We find that the characteristics of payments are important in determining consumer payment behavior, even when controlling for demographic and financial attributes: setup and record keeping are especially important in explaining adoption, while security is important in explaining which methods consumers use for transactions. For the first time, we estimate the number of payment methods adopted by consumers conditional on having access to a bank account, as the unbanked consumers' payment choices are much more limited than those of consumers with bank accounts. This paper follows the analysis in Schuh and Stavins (2010), but with improved data, allowing us to estimate a better model of payment behavior. As in the previous study, cost is found to significantly affect payment use, indicating that the recent increase in the cost of debit cards issued by some banks may lead to a reduction in U.S. consumers' reliance on debit cards for transactions.

Consumer Happiness: Multiple Perspectives

Consumer Happiness: Multiple Perspectives
Author: Tanusree Dutta
Publisher: Springer Nature
Total Pages: 285
Release: 2021-05-05
Genre: Technology & Engineering
ISBN: 9813363746
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This book helps quench the quest of knowledge of academicians, researchers, and others interested in developing a complete and critical understanding of consumer happiness. The relentless search of happiness by humans is sought in different ways. Scientific discussion on happiness for long was considered a forte of Philosophers. Other disciplines seldom delved into this. But today not only science but neuroscience, marketing, and other varied fields have started delving into it and have developed a keen interest. The book has been conceptualized on this line of thinking and thus divided into two parts. The first part is customized towards understanding various perspectives of happiness and the relative importance of knowing the same. The first chapter of this section is on the biological perspective of happiness. The second is titled ‘Behavioural perspective’. The third chapter is an attempt to elucidate the cultural perspective of the concept of happiness. The fourth is on the role of technology in inducing happiness. Fifth and sixth are on theories of happiness and measuring happiness, respectively. Knowledge about the different perspective and theories has a wide range of benefits. It informs us about how the brain works, interprets, and reacts. This theoretical understanding helps us to move beyond the trial and error methods towards a more scientific underpinning of adoption of measures that would generate long-lasting happiness in consumers. The second part of the book is dedicated toward understanding consumer happiness from a neuroscience perspective, i.e. keeping consumer happy. This segment has ten chapters. The first is on differentiating the concept of happiness from satisfaction. The second is on sensory marketing and happiness. The third deals with the store design and shelving of products to generate happiness. Fourth and fifth chapters relate to persuading the consumers. While the fourth chapter is on developing persuasive messages and the fifth is on subliminal messaging sixth chapter is on pricing and seventh on advertising. The eighth chapter highlights the role of emotions and the ninth is on the different factors that induce happiness in consumers. The last chapter is about raising some unanswered questions and food for thought for readers. Together the contents of the book make for a complete understanding of the concept of happiness and how it is shaping the world of marketing. Addressing the ‘what’ and ‘how’ of consumer happiness in the same book makes the book comprehensive.

Before the Grand Rethinking

Before the Grand Rethinking
Author: Gail Hillebrand
Publisher:
Total Pages: 43
Release: 2008
Genre:
ISBN:
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U.S. consumers today have a broad range of choices about how to make payments. In addition to checks, credit cards and traditional debit cards, consumers may be offered prepaid cards, contactless cards, mobile payment devices, online payment sites, online credit payments, and other new ways to pay. Federal payments law was developed before many of these methods existed, so it is no surprise that it has gaps in coverage. The variations in the law underlying the different payments methods place consumers in very different legal positions when something goes wrong. The gaps in the law mean that the particular payment method used, and how the payment is processed, can affect the consumer's ability to get his or her money back if the goods are not delivered as ordered, the payment information is stolen and misused, the payment was unauthorized, or the payment is processed for the wrong amount. This article, first published at 83 Chicago-Kent Law Review, No. 2, 769 (2008), describes the current state of confusion and gaps in the payments law; outlines a set of five immediate changes to current law that would address major problems and ambiguities in payment law; and offers ten principles to evaluate existing and future payments methods, regulations and laws. First, the article describes the current state of the law as applied to some of the new payments methods in terms of the questions consumers might ask: Is my money safe? Will it disappear in fees before I have a chance to spend it? Will I get my money back if someone else makes a mistake? Can I stop or reverse payment if I do not get the goods? This section describes the different answers to these questions depending on which payment product is used. Second, the article describes how many of these problems could be eliminated and greater consumer protection in the non-cash payment marketplace could be accomplished with a handful of changes to the Electronic Fund Transfer Act, the Fair Credit Billing Act, and the Expedited Funds Availability Act, plus more vigorous regulatory use of the power to prohibit unfair practices. These changes could provide a baseline set of consumer protections, built from the strongest elements of current federal consumer protections in payments law. Finally, the article recommends ten principles for evaluating new payments products and new payments law.

How and why Do Consumers Choose Their Payment Methods?

How and why Do Consumers Choose Their Payment Methods?
Author:
Publisher:
Total Pages:
Release: 2006
Genre:
ISBN:
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This essay provides an overview of the literature on consumer payment behavior. It considers the state of our understanding of how and why consumers choose their payment methods and what is needed to make more headway in understanding consumer payment decisions. It closes by discussing the policy issues that require that we make progress with payments research.